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DTE ENERGY COMPANY

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DTE, Enbridge JV to Settle FTC Charges

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09/13/2019 | 12:15pm EDT

By Allison Prang

An energy joint venture is going to settle charges from the Federal Trade Commission over its agreement to purchase a pipeline that the FTC said hinders competition, the regulator said Friday.

NEXUS Gas Transmission LLC, whose member companies are Enbridge Inc. (ENB, ENB.T) and DTE Energy Co. (DTE), agreed to buy Generation Pipeline LLC from North Coast Gas Transmission LLC for $160 million earlier this year. But the FTC said its complaint alleges that a part of the deal agreement is against antitrust law.

The deal would hinder competition because North Coast wouldn't be allowed to compete for natural-gas pipeline transportation in certain parts of Ohio for three years after the deal, according to the FTC's complaint. But the FTC said that the North Coast and Generation pipelines could be the best options for certain customers.

As part of the settlement, the clause in question has to be omitted from the deal agreement, the FTC said. The joint venture and companies involved in it also can't enter any other types of noncompetitive agreements with other natural-gas pipeline transportation operations in that part of the state without prior FTC approval.

Write to Allison Prang at allison.prang@wsj.com

Stocks mentioned in the article
ChangeLast1st jan.
DTE ENERGY COMPANY -0.31% 129.89 Delayed Quote.17.76%
ENBRIDGE INC. 0.04% 47.42 Delayed Quote.11.77%
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Financials (USD)
Sales 2019 13 940 M
EBIT 2019 1 808 M
Net income 2019 1 166 M
Debt 2019 15 265 M
Yield 2019 2,93%
P/E ratio 2019 20,7x
P/E ratio 2020 19,7x
EV / Sales2019 2,80x
EV / Sales2020 2,80x
Capitalization 23 809 M
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Mean consensus OUTPERFORM
Number of Analysts 18
Average target price 135,59  $
Last Close Price 129,89  $
Spread / Highest target 13,9%
Spread / Average Target 4,39%
Spread / Lowest Target -9,92%
EPS Revisions
Managers
NameTitle
Gerardo Norcia President, Chief Executive Officer & Director
Gerard M. Anderson Executive Chairman
Peter B. Oleksiak Chief Financial Officer & Senior Vice President
Steven B. Ambrose Chief Information Officer & Vice President
David E. Meador Vice Chairman & Chief Administrative Officer
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