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  • Dominion Energy Advances Business Review; Announces Agreements to Sell Gas Distribution Companies to Enbridge
    édité le 06/09/2023 - Plus de news de "Dominion Energy" - Voir la fiche entreprise de "Dominion Energy"

Dominion Energy Advances Business Review; Announces Agreements to Sell Gas Distribution Companies to Enbridge
   - Consistent with the previously outlined commitments & priorities of the ongoing business review
   - Transactions valued at $14.0 billion – all cash consideration of $9.4 billion plus assumption of debt
   - Highly credit accretive—100% of after-tax proceeds expected to be used to retire debt
   - All sales expected to close by end of 2024, subject to customary regulatory approvals
   - Company now expects to conclude review and announce repositioned outlook during the fourth quarter of 2023 given vital importance of ensuring the company is best positioned to create maximum long-term value for shareholders

Dominion Energy (NYSE: D) announced that it has concluded a robust and competitive sale process and executed three separate definitive agreements to sell its three natural gas distribution companies to Enbridge (TSX: ENB) (NYSE: ENB).

The three LDCs – The East Ohio Gas Company, Public Service Company of North Carolina, Incorporated, and Questar Gas Company along with Wexpro Company – serve about 3 million homes and businesses in Ohio, North Carolina, Utah, Wyoming, and Idaho and collectively comprise approximately 78,000 miles of natural gas distribution, transmission, gathering, and storage pipelines; more than 62 Bcf of working underground and liquefied natural gas storage capacity; and approximately 400 Bcfe of cost-of-service regulated gas reserves as of year-end 2022.

Robert M. Blue, Dominion Energy chair, president, and chief executive officer, said:

"Dominion Energy's best-in-class gas utilities and our incredible employees set the standard for industry reliability, environmental and safety performance, customer service, and community engagement. These businesses and employees have been an integral part of the Dominion Energy team which is why we approached this decision with careful and deliberate consideration.

"We are delighted to be partnering with Enbridge who shares our ideals around employee engagement, regulatory transparency, local community investment, and exceptional customer service. As one of the largest and most experienced operators of energy infrastructure assets in North America, Enbridge will be an outstanding steward of these businesses to the benefit of employees, customers, and communities alike. Specifically, as part of the agreements, Enbridge has agreed to provide significant protections for existing employees, honor existing union commitments, and maintain local operating leadership."

About Dominion Energy

About 7 million customers in 16 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D), headquartered in Richmond, Va. The company is committed to safely providing reliable, affordable and sustainable energy and to achieving Net Zero emissions by 2050.

About Enbridge

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 or 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 two decades of experience in renewable energy to advance new technologies including wind and solar power, hydrogen, renewable natural gas and carbon capture and storage. We're committed to reducing the carbon footprint of the energy we deliver, and to achieving net zero greenhouse gas emissions by 2050. Headquartered in Calgary, Alberta, Enbridge's common shares trade under the symbol ENB on the Toronto (TSX) and New York (NYSE) stock exchanges.

Origine : Communiqué Dominion Energy

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