Enbridge Acquires Three U.S. Based Utilities

Inspection & Testing

Enbridge has entered into definitive agreements with Dominion Energy, Inc. to acquire The East Ohio Gas Company (“EOG”), Questar Gas Company (“Questar Gas”), and its related Wexpro companies (“Wexpro” and collectively with Questar Gas, “Questar”), and Public Service Company of North Carolina, Incorporated (“PSNC”) (collectively the “Gas utilities”) for an aggregate purchase price of US$14.0 billion (CDN$19 billion1), comprised of US$9.4 billion of cash consideration and US$4.6 billion of assumed debt (the “Acquisitions”).

Creates North America’s largest natural gas utility platform delivering ~9.3 bcf/d to ~7 million customers across multiple regulatory jurisdictions.

Financial guidance in 2023, and near-term and medium-term outlook is maintained; long-term dividend growth profile is strengthened.

High-quality, utility cash flows from the Gas utilities further reduces Enbridge’s already industry leading business risk and balances.

Enbridge’s earnings mix to approximately 50% Natural Gas and Renewables and 50% Liquids upon closing, expected in 2024.

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