Canadian company buying Dominion East Ohio Gas
A Canadian firm is in the process of buying the company that supplies most of the Valley’s natural gas.
Enbridge has announced a $14 billion deal with Dominion Energy to purchase three gas suppliers, including the East Ohio Gas Company, also known as Dominion East Ohio, which serves more than 1.2 million customers across more than 400 communities and 27 counties in Ohio.
East Ohio Gas serves the cities of Cleveland, Akron, Canton, and Youngstown with about 22,000 miles of transmission, gathering, and distribution pipelines, as well as 60 billion cubic feet of natural gas storage.
The purchase also includes Questar Gas, which serves about 1.2 million customers in Utah, Wyoming, and Idaho, as well as the Public Service Company of North Carolina, which serves more than 600,000 customers across 28 counties in North Carolina.
When completed, the sale will make Enbridge the owner of North America’s largest natural gas utility franchise.
“Adding natural gas utilities of this scale and quality, at a historically attractive multiple, is a once-in-a-generation opportunity. The transaction also reinforces our position as the first-choice energy delivery company in North America,” says Greg Ebel, Enbridge’s President, and CEO.
Enbridge Gas serves about 75% of residents in the Canadian province of Ontario.
The acquisition of each gas utility is expected to close in 2024.