Enbridge's Acquisition of PSNC Enhances U.S. Gas Utilities Growth
Enbridge Completes Acquisition of Public Service Company
Enbridge Inc. (TSX: ENB) has successfully completed its acquisition of Public Service Company of North Carolina, Incorporated (PSNC) from Dominion Energy. This strategic move allows Enbridge Gas North Carolina to join Enbridge's Gas Distribution and Storage Business Unit, reinforcing its position in the energy sector.
The Importance of PSNC in Enbridge's Portfolio
PSNC serves over 600,000 customers amid strong economic growth in major North Carolina cities. This includes areas like Raleigh, Durham, and Gastonia. With a robust asset portfolio exceeding 13,000 miles of natural gas distribution and transmission pipelines, the acquisition is set to enhance the reliability and efficiency of gas delivery in the region.
Benefits of the Acquisition
The acquisition underscores the values and operations alignment between Enbridge and PSNC, emphasizing their mutual commitment to safe and reliable natural gas delivery. Enbridge’s Executive Vice President, Michele Harradence, expressed excitement over integrating PSNC into their existing low-risk utility business model, highlighting the long-term growth opportunities in natural gas infrastructure.
Future Initiatives Post-Acquisition
Enbridge's plan post-acquisition involves collaborating with the new PSNC employees to ease the integration process. This collaboration aims to complement the growth already emerging in other regions like Ohio and Utah. The focus on building productive relationships with all PSNC stakeholders in North Carolina is paramount for achieving sustained success.
Enbridge's Commitment to Energy Transition
Enbridge has committed to advancing technologies that support energy transition, aiming to provide secure and affordable energy solutions. This includes investments in hydrogen, renewable natural gas, carbon capture, and storage to maintain its leadership in the evolving energy landscape.
About Enbridge Inc.
Headquartered in Calgary, Alberta, Enbridge connects millions to the energy they need daily through its extensive North American natural gas and oil network, coupled with a growing European offshore wind portfolio. With over a century of operational expertise, Enbridge is poised to adapt and thrive in today’s dynamic energy market.
Frequently Asked Questions
What is the significance of Enbridge acquiring PSNC?
This acquisition strengthens Enbridge's utility portfolio, allowing it to enhance natural gas service reliability and infrastructure across key growth regions.
How many customers does PSNC serve?
PSNC serves over 600,000 customers in North Carolina, emphasizing its important role in the community and local economy.
What technologies is Enbridge investing in?
Enbridge is focusing on hydrogen, renewable natural gas, carbon capture, and storage technologies as part of its energy transition strategy.
What regions will benefit from the acquisition?
Regions such as North Carolina, Ohio, and Utah will benefit from the enhanced gas infrastructure and reliable service as a result of this acquisition.
Why is integrating PSNC crucial for Enbridge?
Integrating PSNC allows Enbridge to expand its low-risk utility business model and leverage growth opportunities while enhancing service delivery to its customers.
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