Dominion Energy finalizes sale of Public Service Company of North Carolina

Dominion Energy closed on its sale of Public Service Company of North Carolina to Enbridge.

The sale price for the Gastonia, NC-based natural gas utility is 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 with Enbridge that were first announced on Sept. 5, 2023. The agreement was for Dominion Energy to sell its Ohio-, Utah-, and North Carolina-based gas utilities for a total value, inclusive of assumed debt, of approximately $14 billion. The other two transactions closed in March and May.

“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,” Robert Blue, chair, president and CEO of Dominion Energy, said. “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.”

Also, Dominion Energy is on track to close on its agreement to sell a 50 percent noncontrolling interest in the Coastal Virginia Offshore Wind commercial project to Stonepeak by year-end, as previously announced. That would result in an additional $3 billion in debt reduction.

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