(Bloomberg) — The Canadian pipeline titan Enbridge Inc. agreed to buy three utilities from Dominion Energy Inc. in a $9.4 billion deal that will create North America’s largest natural gas provider.
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Enbridge’s deal for the East Ohio Gas Co., Questar Gas Co. and Public Service Co. of North Carolina will double the Calgary-based company’s gas utility business, Calgary-based Enbridge said in a statement Tuesday.
The deal is a massive bet that gas will remain a transition fuel for the foreseeable future as much of the world tries to phase out fossil fuels to fight climate change. While there’s a strong push to deploy more renewable energy, there’s also a growing recognition that the green transition will take time, ensuring gas will be in demand for years.
“The assets we are acquiring have long useful lives and natural gas utilities are ‘must-have’ infrastructure for providing safe, reliable and affordable energy,” Greg Ebel, Enbridge’s chief…
2023-09-05 17:05:40
Source from finance.yahoo.com
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