North American midstream company Enbridge (ENB) became the U.S.’ largest natural gas utility on Oct. 1 post closing the $3.1 billion acquisition of gas provider Public Service Co. of North Carolina (PSNC).
With the deal’s closing, Enbridge is, by volume, the largest gas utility in North America, delivering 9 Bcf/d of natural gas to a base of about 7 million customers, according to Enbridge’s website.
PSNC, formerly owned by Dominion Energy, serves more than 600,000 customers in the central and western regions of North Carolina, including cities Raleigh, Durham, Gastonia and Asheville.
The company’s assets include more than 13,000 miles of distribution and transmission pipelines and an LNG storage facility under construction, according to Enbridge’s announcement of the closing.
“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 for gas distribution and storage. “The values and operations of our businesses are strongly aligned, and we share a deep commitment to the continued safe delivery of reliable, affordable natural gas to our customers.”
In September 2023, Enbridge announced a $14 billion deal with Dominion Energy for three gas utilities. Enbridge said the deal raised the scale of the company’s gas utility business to about 22% of its total adjusted EBITDA and would balance out the company’s assets between natural gas, renewables and liquids.
In June 2024, Enbridge closed the $4.3 billion acquisition of Questar Gas in the Northwestern U.S. In March, the company finalized its first U.S. utility purchase when it closed a $6.6 billion deal for East Ohio Gas Co., which serves about 1.2 million Ohio customers.