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Enbridge makes progress on utility purchases; raises earnings forecast

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Enbridge Inc. saw its second-quarter profit hit $1.85 billion, where it roughly also sat a year ago.

CALGARY — Enbridge Inc. has raised its earnings forecast for the year in light of the successful completion of two previously announced purchases of U.S. gas utilities.

Chief executive Greg Ebel said Friday Enbridge also expects the closure of the previously announced purchase of a third utility, the Public Service Company of North Carolina, to take place in the third quarter. The purchase of the three U.S. utilities gives Enbridge natural gas utility operations in Ohio, North Carolina, Utah, Idaho and Wyoming a significant presence in the U.S. utility sector.

Enbridge financed the acquisitions through a combination of cash and debt. It also used a portion of the proceeds from the sale of its Alliance Pipeline and Aux Sable gas processing facility, which closed in the second quarter of 2024.“Asset sales are still very much part of what we look at,” he said.

 

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