Enbridge Update - Mar 8

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ENB is the largest company in our High Yield Income Portfolio. ENB's dividend yield is ~7.5% .

CALGARY, AB, March 7, 2024 /PRNewswire/ - Enbridge Inc. (TSX: ENB) (NYSE: ENB) ("Enbridge" or the "Company") announced today the closing of its acquisition of The East Ohio Gas Company ("EOG") from Dominion Energy, Inc. The gas utility will be doing business as Enbridge Gas Ohio and will join Enbridge's Gas Distribution and Storage Business Unit.

EOG is a premier single-state utility, serving over 1.2 million customers across more than 400 communities in Ohio, with key locations in major metropolitan areas. The gas utility has a robust portfolio of assets, including over 22,000 miles (over 35,400 km) of transmission, gathering and distribution pipelines, underground storage, and interconnections to multiple interstate pipelines and large natural gas producers.

"The addition of a strong Ohio-based gas utility company is a great strategic fit for Enbridge. It further diversifies our business and enhances the stable cash flow profile of our assets," said Michele Harradence, Enbridge Executive Vice President and President, Gas Distribution and Storage. "Natural gas utilities have long useful lives and are 'must-have' infrastructure for providing safe, reliable, and affordable energy. This gas utility will help blend and extend our cash flow growth outlook through the end of the decade by adding a steady, regulated investment that supports our long-term dividend profile. With this acquisition, Enbridge has all four of its business units represented in Ohio, providing further value-add opportunities. We welcome EOG and its employees into the Enbridge family of companies and look forward to building long-term productive relationships with all stakeholders in Ohio and continuing to offer Ohio customers the same safe, reliable service they are accustomed to."

The closings of the purchases of Questar Gas Company and its related Wexpro companies (collectively, "Questar"), and the Public Service Company of North Carolina, Incorporated ("PSNC"), respectively, are expected to occur following the receipt of required regulatory approvals applicable to each gas utility and are not cross-conditioned. The acquisitions of Questar and PSNC are on track to close in 2024. EOG is expected to contribute more than 40% of the total annualized EBITDA from the three gas utilities Enbridge has agreed to acquire from Dominion.

About Enbridge Inc.
At Enbridge, we safely connect millions of people to the energy they rely on every day, fueling quality of life through our North American natural gas, oil, and renewable power networks and our growing European offshore wind portfolio. We are investing in modern energy delivery infrastructure to sustain access to secure, affordable energy and building on more than a century of operating conventional energy infrastructure and two decades of experience in renewable power. We are advancing new technologies, including hydrogen, renewable natural gas, carbon capture, and storage, and are committed to achieving net zero greenhouse gas emissions by 2050. Headquartered in Calgary, Alberta, Enbridge's common shares trade under the symbol ENB on the Toronto (TSX) and New York (NYSE) stock exchanges. To learn more, visit us at enbridge.com.