Enbridge Completes Acquisition of Public Service Company of North Carolina, Incorporated

PRNewswire 1-Oct-2024 7:00 AM

CALGARY, AB, Oct. 1, 2024 /PRNewswire/ - Enbridge Inc. (TSX:ENB) (NYSE:ENB) ("Enbridge" or the "Company") announced today the closing of its acquisition of Public Service Company of North Carolina, Incorporated ("PSNC") from Dominion Energy, Inc. ("Dominion Energy"). 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. 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," 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."

About Enbridge Inc.

At Enbridge, we safely connect millions of people to the energy they rely on every day, fueling quality of life through our North American natural gas, oil and renewable power networks and our growing European offshore wind portfolio. We're investing in modern energy delivery infrastructure to sustain access to secure, affordable energy and building on more than a century of operating conventional energy infrastructure and two decades of experience in renewable power. We're advancing new technologies including hydrogen, renewable natural gas, carbon capture and storage. Headquartered in Calgary, Alberta, Enbridge's common shares trade under the symbol ENB on the Toronto (TSX) and New York (NYSE) stock exchanges. To learn more, visit us at enbridge.com.

Forward-Looking Statements

Forward-looking statements have been included in this news release to provide readers with information about Enbridge and its subsidiaries and affiliates, including management's assessment of Enbridge's and its subsidiaries' future plans and operations. This information may not be appropriate for other purposes. Forward-looking statements are typically identified by words such as ''anticipate'', ''expect'', ''project'', ''estimate'', ''forecast'', ''plan'', ''intend'', ''target'', ''believe'', "likely", and similar words suggesting future outcomes or statements regarding an outlook. Forward-looking information or statements included or incorporated by reference in this news release include, but are not limited to, statements with respect to Enbridge's acquisition of PSNC, including growth opportunities and the need for natural gas infrastructure.

Although Enbridge believes these forward-looking statements are reasonable based on the information available on the date such statements are made and processes used to prepare the information, such statements are not guarantees of future performance and readers are cautioned against placing undue reliance on forward-looking statements. By their nature, these statements involve a variety of assumptions, known and unknown risks and uncertainties and other factors, which may cause actual results, levels of activity, and achievements to differ materially from those expressed or implied by such statements. Material assumptions include assumptions about the following: our ability to successfully integrate PSNC; the expected supply of, demand for, export of, and prices of crude oil, natural gas, natural gas liquids ("NGL"), liquefied natural gas ("LNG"), and renewable energy; energy transition and lower carbon energy and our approach thereto; global economic growth and trade; anticipated utilization of our assets; exchange rates; inflation; interest rates; customer, regulatory, and stakeholder support and approvals; general economic and competitive conditions; ability of management to execute key priorities; and the effectiveness of various actions resulting from the Company's strategic priorities. Assumptions regarding the expected supply of, and demand for, crude oil, natural gas, NGL, LNG, and renewable energy, and the prices of these commodities, are material to and underlie all forward-looking statements, as they may impact current and future levels of demand for Enbridge's services. Similarly, exchange rates, inflation, and interest rates impact the economies and business environments in which Enbridge operates and may impact levels of demand for Enbridge's services and cost of inputs and are therefore inherent in all forward-looking statements. Due to the interdependencies and correlation of these macroeconomic factors, the impact of any one assumption on a forward-looking statement cannot be determined with certainty.

Enbridge's forward-looking statements are subject to risks and uncertainties pertaining to the realization of anticipated benefits and synergies of projects, transactions and growth opportunities, successful execution of our strategic priorities, project approval and support, economic and competitive conditions, global geopolitical conditions, political decisions, public opinion, exchange rates, interest rates, inflation, commodity prices, and supply of, and demand for, commodities and other alternative energy, including, but not limited to, those risks and uncertainties discussed in this and in the Company's other filings with Canadian and U.S. securities regulators. The impact of any one assumption, risk, uncertainty, or factor on a particular forward-looking statement is not determinable with certainty as these are interdependent and Enbridge's future course of action depends on management's assessment of all information available at the relevant time.

Except to the extent required by applicable law, Enbridge assumes no obligation to publicly update or revise any forward-looking statements made in this news release or otherwise, whether as a result of new information, future events, or otherwise. All forward-looking statements, whether written or oral, attributable to Enbridge or persons acting on Enbridge's behalf, are expressly qualified in their entirety by these cautionary statements.

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SOURCE Enbridge Inc.