Ownership of New Brunswick’s natural gas distribution franchise is changing hands in a C$331 million (US$265 million) sale announced Tuesday by Calgary-based Enbridge Inc. The buyer — Liberty Utilities (Canada) LP, a subsidiary of Oakville, ON-based Algonquin Power & Utilities Corp. — added that a C$5 million (US$4 million) service expansion program will begin after the deal’s scheduled close in first-half 2019. Under Enbridge ownership the franchise, New Brunswick Gas, arranged for imports from the eastern United States for its 12,000 customers in 12 communities to replace Nova Scotia offshore wells that are depleted and shutting down. Enbridge retains a 78% ownership interest in the import route, Maritimes & Northeast Pipeline. The Calgary gas and oil transportation conglomerate described the New Brunswick deal as part of continuing asset sales triggered by its C$37 billion (US$28 billion) takeover of Houston-based Spectra Energy in 2016.
Articles from Algonquin
FERC has granted another request from Algonquin Gas Transmission LLC authorizing the company to place part of its Atlantic Bridge project into service in Connecticut.
Four state agencies in New York are calling on FERC to better address the safety issues that officials claim were uncovered by an independent risk analysis of the Algonquin Incremental Market (AIM) pipeline’s proximity to a nuclear power plant in Westchester County.
A multi-year effort to add natural gas pipeline capacity from Appalachia to New England and Eastern Canada has hit a roadblock in Massachusetts, with Maine businesses crying for a resolution to bring relief for large electricity consumers.
December natural gas is expected to open 4 cents higher Thursday morning at $2.93 as weather models suggest a pattern leading to additional cold. Overnight oil markets were mixed.
Algonquin Gas Transmission LLC has been given permission by FERC to proceed with infrastructure construction in New York to support the $452 million Atlantic Bridge expansion project.
Citing “gaps in energy policy” in New England, Algonquin Gas Transmission LLC has withdrawn its Access Northeast Project from FERC’s pre-filing review process, though it said it remains committed to addressing the region’s need for natural gas pipeline infrastructure for electric generation.
Algonquin Gas Transmission LLC has secured necessary water quality permits from New York state for its Atlantic Bridge expansion, an important step for the project given the state has used its authority to stall two major pipeline projects in the past year.
Most natural gas traders laid low Thursday and got their deals done ahead of the release of often volatility-inducing inventory figures from the Energy Information Administration (EIA). It was a mixed market with gains in the Northeast and Appalachia unable to offset broader losses in the Midwest, Midcontinent, Rockies, and California.
Senators Edward Markey (D-MA) and Elizabeth Warren (D-MA) are calling on FERC to rescind its authorization last week for Spectra Energy affiliates Algonquin Gas Transmission LLC and Maritimes & Northeast Pipeline LLC to construct and operate the Atlantic Bridge Project.