Dominion Energy Sells Gas Units for $9.4 Billion
Dominion Energy announced plans to sell several of its natural gas-distribution companies to Enbridge for $9.4 billion as it focuses on investing in renewable energy and improving the electric grid. Enbridge, a Calgary, Alberta-based pipeline operator, has agreed to pay $9.4 billion in cash and assume $4.6 billion in debt to acquire the gas-distribution companies, which operate pipeline networks in Ohio, North Carolina and parts of the Western U.S. The Wall Street Journal earlier reported that Dominion was considering a sale of the companies. The sale comes as lawmakers and regulators across the U.S. debate the future of natural gas and more towns and cities look to reduce its use in homes and businesses.