The owner of the Algonquin Gas Transmission pipeline, which crosses Connecticut diagonally into Rhode Island and Massachusetts, said this week it has agreed to be acquired by Canadian energy giant Enbridge Inc. for $28 billion.
Houston’s Spectra Energy and Calgary’s Enbridge said the deal, expected to close by March 2017, would create the largest energy infrastructure company in North America.
The combined entity would operate under under the Enbridge name, should the deal be OK’d by shareholders and regulators. Both boards of directors have already unanimously approved the stock-for-stock merger, they said.
Spectra is working with Eversource and National Grid to expand its Algonquin pipeline, a project known as Access Northeast, which would supply more natural gas to New England power plants.
The proposed project hit a setback last month after the Massachusetts Supreme Court ruled that electric ratepayers could not be required to pay for natural gas capacity, but Spectra and its partners have vowed to push ahead.
Read more
