Enbridge (TSX:ENB) has completed the acquisition of Public Service Company of North Carolina Inc. from Dominion Energy Inc. The PSNC gas utility will operate in North Carolina as Enbridge Gas North Carolina and will be integrated into Enbridge’s gas distribution and storage business unit.
This acquisition adds to Enbridge’s portfolio of gas utilities and strengthens its presence in the North American energy market. Enbridge’s executive vice president and president of gas distribution and storage, Michele Harradence, emphasized the alignment of values and operations between the two companies, highlighting their commitment to delivering safe and reliable natural gas to customers.
The acquisition was finalized as part of Enbridge’s strategic growth plan to expand its utility business and capitalize on the growth opportunities in the natural gas infrastructure sector. Enbridge is a Calgary-based pipeline operator that serves millions of customers with North American natural gas, oil, and renewable power networks.
Enbridge Inc. stock (TSX:ENB) opened trading at C$54.90 per share, reflecting a 0.65% increase. The company’s share price has shown a 16% growth since the beginning of the year. Investors and stakeholders can follow discussions on pipeline stocks and Enbridge’s growth outlook on the Enbridge Inc. Bullboard and other stock forums on Stockhouse.
It is important to note that the information provided in this article is for informational purposes only and should not be considered as investment advice. Readers are encouraged to conduct their own research and consult with financial advisors before making investment decisions.
