Enbridge Acquires PSNC, Adding Over 13,000 Miles of Pipeline to Its U.S. Gas Utility Portfolio
(P&GJ) — Enbridge Inc. has announced the closing of its acquisition of Public Service Company of North Carolina Inc. (PSNC) from Dominion Energy Inc.
The PSNC gas utility will be doing business in North Carolina as Enbridge Gas North Carolina and will join Enbridge's Gas Distribution and Storage Business Unit. This marks the successful completion of the strategic acquisition of three U.S. based gas utilities first announced in September 2023.
PSNC is a premier single-state regulated gas utility in North Carolina serving over 600,000 customers in service territories supported by strong economic growth in cities such as Raleigh, Durham, Gastonia, and Asheville. The asset portfolio includes over 13,000 miles (over 20,500 km) of natural gas distribution and transmission pipelines, a liquefied natural gas storage facility in construction that will enhance system reliability, and non-operated minority interests in a natural gas transmission pipeline lateral and a liquefied natural gas storage facility.
"We are pleased to finalize the acquisition from Dominion Energy of three growing gas utilities, by welcoming PSNC to Enbridge," said Michele Harradence, Enbridge Executive Vice President and President, Gas Distribution and Storage. "PSNC is a perfect fit within our existing low-risk, utility business model and the embedded growth opportunities underscore the critical need for natural gas infrastructure over the long term. We are excited to work with our new PSNC employees to integrate the assets and complement the growth we are already seeing in Ohio and Utah and look forward to building long-term productive relationships with all of PSNC's stakeholders in North Carolina."
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