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Dominion and Enbridge Complete $6.6 Billion Utility Transaction
03/20/2024![Dominion-and-Enbridge-Complete-6-6-Billion-Utility-Transaction](https://images2.rextag.com/public/blog/256_Blog_Dominion and Enbridge Complete $6.6 Billion Utility Transactionion Downgrades Expected to Drive Prices Up and China Growth Concerns.png)
Enbridge Inc. has completed a $6.6 billion purchase of The East Ohio Gas Co., an Ohio natural gas company, from Dominion Energy. This acquisition is part of a larger $14 billion merger and acquisition deal previously announced by the two companies. The East Ohio Gas Co. will operate under the new name Enbridge Gas Ohio (EOG) and become part of Enbridge's Gas Distribution and Storage Business Unit, including taking on some debt as mentioned by Dominion.
EOG is set to provide over 40% of the yearly EBITDA expected from the three gas utilities Enbridge is buying from Dominion. The purchases of Questar Gas Co., Wexpro companies, and the Public Service Company of North Carolina from Dominion are still in progress, with Enbridge planning to finalize these in 2024 after getting the necessary regulatory approvals.
EOG serves over 1.2 million customers in Ohio alone, boasting a significant infrastructure network that includes over 22,000 miles of pipelines for transmission, gathering, and distribution, as well as underground storage and connections to several major interstate pipelines and natural gas producers.
Adding a big gas company from Ohio to Enbridge's business is a smart move. Michele Harradence, who leads Enbridge's gas distribution and storage, says this helps the company grow and keep making steady money. Gas companies are important because they provide safe and affordable energy that people need for a long time.
This new addition will help Enbridge make more money steadily until the end of the decade. It's a good investment that matches their plan to pay regular dividends to their shareholders. Also, with this purchase, Enbridge now works in all its business areas in Ohio, which means more chances to do well and make money.
Dominion Energy, with its headquarters in Richmond, Virginia, serves about 6 million customers across 15 states with electricity and natural gas. The company has set a commitment to achieve Net Zero emissions by 2050.
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About Enbridge
Enbridge, based in Calgary, Canada, manages 30% of North America's crude oil transportation and nearly 20% of the US's natural gas, with the world's most complex liquid transportation system extending 17,809 miles. Following a significant acquisition in September 2023, it became North America's largest gas utility by volume. A pioneer in renewable energy, Enbridge is committed to achieving net-zero greenhouse emissions by 2050, focusing on sustainability and reducing emissions intensity by 35% by 2030. Its gas transmission network, vital for LNG exports, moves about 24.6 billion cubic feet of natural gas daily across key markets in North America.
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Pembina (PBA) to Acquire Enbridge's Joint Ventures for $2.3 Billion - C$3.1 Billion
![$data['article']['post_image_alt']](https://images2.rextag.com/public/blog/211Blog_Enbridge divests Alliance Pipeline and Aux Sable interests for 2.3B.png)
Pembina Pipeline Corporation PBA, a well-known player in the Canadian midstream sector, recently announced its plan to acquire Enbridge Inc.'s remaining shares in the Alliance Pipeline, Aux Sable pipelines, and NRGreen joint ventures. The deal, valued at C$3.1 billion or US$2.3 billion, marks a key step for Pembina in asserting its leadership in North America's natural gas transportation sector. This strategic acquisition is expected to considerably boost Pembina's growth and profitability in the coming years.
Whitewater Midstream LLC Acquires Gateway Pipeline, Formerly Owned by Sendero
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Whitewater Midstream Acquires 24-mile 24-inch Gateway Pipeline from Sendero to transport dry gas to its Agua Blanca intrastate pipeline network.
![$data['article']['post_image_alt']](https://images2.rextag.com/public/blog/297_Blog_Keystone XL Pipeline Controversy and Wildlife Disaster From Trump's Green Light to Biden's Red Light on the 15 Billion Project.jpg)
The pipeline industry in the USA faced and still faces a range of regulatory challenges, including permitting delays, environmental requirements, and public opposition to pipeline projects. In recent years, pipeline projects like the Keystone XL and Dakota Access pipelines had legal and regulatory obstacles that delayed or canceled their construction. Keystone XL Pipeline, proposed by TransCanada in 2008, aimed to transport crude oil from Canada (around Calgary and Edmonton) to refineries on the Gulf Coast (Port Arthur). The project faced opposition from environmental groups and indigenous communities, who argued that it would contribute to climate change and pose a risk to water resources. In 2015, President Obama rejected the project, citing concerns about its environmental impact. However, in 2017, President Trump revived the project, leading to further legal challenges. In June 2021, U.S. President Joe Biden officially canceled the project on his first day in office.
![$data['article']['post_image_alt']](https://images2.rextag.com/public/blog/282_Blog_Renewable Natural Gas How RNG Changes the Industry.jpg)
The renewable natural gas (RNG) industry in the United States is showing promising signs of growth. As of 2019, the U.S. consumed 261 billion cubic feet (BCF) of RNG, primarily utilized by independent power producers, electric utilities, and various commercial and industrial entities. However, this figure represents only a small fraction of its potential. Research indicates that the U.S. could theoretically produce up to 2,200 BCF of RNG through anaerobic digestion alone, which would equate to about 11% of daily national natural gas consumption.
![$data['article']['post_image_alt']](https://images2.rextag.com/public/blog/295_Blog_Renewable Efforts Lag as Global Oil and Gas Demand Continues to Rise.jpg)
Recently, the progress toward an energy transition is hitting a snag. Sales of electric vehicles are decelerating, and the growth in wind and solar power needs to be keeping pace with expectations. To make matters more challenging, electricity prices are climbing when they were expected to fall. Amidst these setbacks, the oil and gas sectors are proving resilient. According to BP's latest energy outlook, not only are these energy mainstays here to stay, but their demand is expected to remain relatively high even after reaching a peak. Interestingly, BP forecasts that oil demand will reach its zenith next year, marking a critical moment in energy consumption trends. This isn't the first time BP has projected a peak in oil demand. Back in 2019, their review anticipated a decline in demand growth, but the prediction fell flat. Instead, oil demand surged to unprecedented levels following the end of the global pandemic lockdowns, defying previous forecasts and underscoring the enduring dominance of traditional energy sources in the global market.