It was announced that Enbridge completed a deal with the company Algonquin Power and Utilities Corp. for the sale of the gas distribution business in NB. It's important to say that Algonquin representatives stated that there will be no changes in the worker headcount and management structure, for the time being. Can we really believe them?
https://www.thestar.com/business/2018/12/04/enbridge-sells-distribution-business-in-nb-to-algonquin-power-and-utilities.html
Thank god. I thought we were stuck with that dog forever. The government was bound and determined to make sure it was never going to be really successful.
How many employees and families has Enbridge disrupted and thrown into turmoil the last few years? Tens of thousands?
Wish they sold Union Gas instead lol.
Enbridge unloaded the NB distribution business as they could not build infrastructure in the province and the company did not want to sink any more money into the venture. Corporate speak "it did not represent a growth opportunity." It sold for $331M which will be a drop in the bucket towards lightening Enbridge's debt load.
Looks like we may need to take the "s" out of gas in Enbridge Gas Inc. if the "crown jewels" are being sold off.
Thoughts and prayers are with the employees who have done everything they can to make this venture a go. Someone did not read the province's long term energy outlook/mix and jumped before doing the proper research and government relations failed to impress the province's government.