- Final of three gas utility closings as part of Enbridge
transactions announced in September
2023
- Another major milestone in successful conclusion of
company's top-to-bottom business review
RICHMOND, Va., Oct. 1, 2024
/PRNewswire/ -- Dominion Energy, Inc. (NYSE: D), today announced
closure of the sale of its Gastonia, N.C.-based natural gas
utility, Public Service Company of North
Carolina, Incorporated, to Enbridge Inc. (TSX: ENB) (NYSE:
ENB) for approximately $3.2 billion,
including assumed indebtedness and adjusted for customary closing
items.
Public Service Company of North
Carolina serves about 600,000 natural gas utility customer
accounts in North Carolina.
This is the last of three separate transactions as part of an
agreement the company and Enbridge announced on Sept. 5, 2023, whereby Dominion Energy would sell
its Ohio-, Utah-, and North
Carolina-based gas utilities for a total enterprise value,
inclusive of assumed debt, of approximately $14 billion. Previous transactions closed in
March and May.
Robert M. Blue, chair, president
and chief executive officer of Dominion Energy, said:
"Before announcing our intention to sell our high-performing gas
distribution companies to Enbridge, we negotiated significant
employee protections for nearly 3,500 outstanding workers who have
set the standard for industry reliability, environmental and safety
performance, customer service, and community engagement and who
have now joined Enbridge. We're proud of that, and we're also
proud of the fact that we were able to work collaboratively with
Enbridge and regulators in five states to close three separate
transactions in 12 months.
"Today's announcement represents another major milestone in the
successful conclusion of a year-long, top-to-bottom business review
that so far has resulted in $18
billion in debt reduction and improved our balance sheet to
fund the projects necessary to fulfill the company's incredibly
important mission to provide the reliable, affordable, and
increasingly clean energy that powers our customers every day."
Dominion Energy is on track to close on its agreement to sell a
50% noncontrolling interest in the Coastal Virginia Offshore Wind
commercial project to Stonepeak by year-end, as previously
announced, which would result in an additional $3 billion in debt reduction.
About Dominion Energy
Dominion Energy (NYSE: D),
headquartered in Richmond, Va.,
provides regulated electricity service to 3.6 million homes and
businesses in Virginia,
North Carolina, and South Carolina, and regulated natural gas
service to 400,000 customers in South
Carolina. The company is one of the nation's leading
developers and operators of offshore wind and solar power and the
largest producer of carbon-free electricity in New England. The
company's mission is to provide the reliable, affordable, and
increasingly clean energy that powers its customers every day.
Please visit DominionEnergy.com to learn more.
Forward-Looking Statements
This release contains
certain forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995, including with
respect to the anticipated closing of Dominion Energy's sale of a
50% noncontrolling interest in the Coastal Virginia Offshore Wind
commercial project (CVOW). These statements are subject to
various risks and uncertainties. Factors that could cause
actual results or outcomes to differ from those stated in any
forward-looking statement include, but are not limited to, the
parties' ability to obtain required regulatory approvals and
consents and to satisfy the other conditions to closing the sale of
a noncontrolling interest in CVOW on a timely basis or at all, as
well as certain other factors identified from time to time in the
reports Dominion Energy files with the U.S. Securities and Exchange
Commission, including its Annual Report on Form 10-K for the year
ended Dec. 31, 2023. Any
forward-looking statement in this release speaks only as of the
date of this release, and Dominion Energy assumes no obligation to
update any forward-looking statement to reflect events or
circumstances occurring after the date of this release.
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SOURCE Dominion Energy