20:37:31 EDT Tue 07 May 2024
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Enbridge Inc
Symbol ENB
Shares Issued 2,125,585,864
Close 2024-02-23 C$ 47.00
Market Cap C$ 99,902,535,608
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Globe says Enbridge sees Ontario nix OEB nat gas ruling

2024-02-23 07:48 ET - In the News

The Globe and Mail reports in its Friday edition that the Ontario government has introduced new legislation that aims to overturn a previous decision made by the Ontario Energy Board regarding natural gas connections. The Globe's Matthew McClearn writes that the government argues that the previous ruling would lead to the increased cost of building homes. The Dec. 21 decision of the OEB addressed the issue of connecting new homes to natural gas lines and who bears the cost. The board ruled that, starting from Jan. 1, 2025, the cost of new residential connections to Enbridge Gas's network should be paid upfront rather than over 40 years, as is currently the case. This decision would compel developers to pay thousands of dollars for connecting each new home. The Progressive Conservative government has claimed that natural gas is more cost-effective than electric heat, propane, heating oil and other alternatives. Ontario Energy Minister Todd Smith introduced the Keeping Energy Costs Down Act on Thursday to reverse what he described as a "rash," "hurried," and "illogical" decision. He argued that the OEB had failed to request input from relevant parties, such as the province's Independent Electricity System Operator.

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