While the purchase is larger than the more modest "tuck-in" acquisitions Enbridge has been pursuing in recent years, the scale and price of the Dominion assets made them a "once in a generation" opportunity that couldn't be passed up, Ebel said.
The purchase also fits with the company's previously stated bullish outlook on natural gas — even as the world aims to reduce emissions from fossil fuels to tackle climate change.
"We remain firmly of the view that all forms of energy will be required for a safe and reliable energy transition," Ebel said in Tuesday's investor presentation.
"This transaction helps us to achieve greater balance and gives us more exposure to natural gas, which is and will continue to be a critical fuel to help us realize our lower-carbon emissions."
Enbridge said following the transaction, its gas utility business will be the largest by volume in North America with a combined rate base of over C$27 billion and about 7,000 employees delivering over nine billion cubic feet per day of gas to approximately seven million customers.
Ebel said the purchase will be accretive to Enbridge's earnings within the first year, and the utilities will offer long-term, low-risk, predictable cash flow growth.
This report by The Canadian Press was first published Sept. 5, 2023.