Enbridge Inc. (TSX: ENB) (NYSE: ENB) announced the successful completion of its acquisition of Questar Gas Company and its associated Wexpro companies from Dominion Energy, Inc. Following the acquisition, Questar Gas will operate under the names Enbridge Gas Utah, Enbridge Gas Wyoming, and Enbridge Gas Idaho, aligning with Enbridge’s Gas Distribution and Storage Business Unit.
Questar Gas, a leading multi-state utility, serves approximately 1.2 million customers across Utah, southwestern Wyoming, and southeastern Idaho. With a focus on regions experiencing rapid economic and population growth, Questar Gas maintains a cost-of-service supply agreement with Wexpro, ensuring reliability and affordability for its customers. The company’s asset portfolio encompasses over 21,000 miles of natural gas distribution and transmission pipelines, a liquefied natural gas storage facility, and interconnections to multiple interstate natural gas pipelines.
Michele Harradence, Enbridge Executive Vice President and President of Gas Distribution and Storage, expressed enthusiasm for the addition of Questar Gas and Wexpro to Enbridge’s utility business model, emphasizing the enhancement of stable, predictable cash flows and long-term dividend growth prospects. Harradence also extended a warm welcome to Questar Gas and Wexpro employees, affirming Enbridge’s commitment to fostering productive relationships with stakeholders in Utah, Wyoming, and Idaho.
Enbridge anticipates the completion of its purchase of the Public Service Company of North Carolina, Incorporated (PSNC) following the necessary regulatory approvals, with the acquisition expected to finalize in 2024. When combined with the previously closed acquisition of The East Ohio Gas Company (now operating as Enbridge Gas Ohio), contributions from Questar and Enbridge Gas Ohio are projected to constitute approximately 80% of the total annualized EBITDA from the three gas utilities acquired from Dominion.
