Enbridge: Acquired East Ohio Gas Company and Stretches Growth Outlook

Enbridge’s analyst day largely reaffirmed our views and teased the pending completion of the East Ohio Gas Company acquisition, which was completed March 7. We expect the remaining two utility acquisitions—Questar Gas Company and Public Service Company of North Carolina—from Dominion Energy to be completed by the end of 2024. After refreshing our model for the pulled-forward East Ohio deal, our CAD 56 and USD 41 fair value estimates are unchanged, as is our narrow moat rating. East Ohio makes up more than 40% of the expected EBITDA contribution from the three utilities.