Duke Energy completes $8 billion acquisition of Westcoast Energy. (Newsreel).

Duke Energy said in March that it had closed on its acquisition of Vancouver. BC-based Westcoast Energy Inc. The transaction, valued at approximately US$8 billion based on cash, stock consideration and debt assumed, is expected to be accretive to Duke Energy's

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"This acquisition is an excellent strategic fit for Duke Energy and provides a platform for significant growth and asset optimization," said Richard B. Priory, chairman, president and CEO of the company. "We recognize that today's energy investor appreciates a company with multiple sources of earnings, and dial's certainly what we offer. The acquisition of Westcoast Energy reflects our strategy of owning and operating at portfolio of energy assets, trading around those assets and sticking with what we do best -- energy."

Duke said the transaction adds a network of mostly Canadian-based natural gas assets, featuring 6,900 miles of transmission pipeline, 141 Bcf of storage capacity, major processing plants and more than 1 million gas distribution customers to Duke Energy's growing portfolio.

"With Westcoast Energy's assets, we strengthen our natural gas pipeline, storage, gathering and processing positions; gain significant access to North America's major natural gas supply basins and markets; and better position ourselves for the coming expansion of North America's natural gas infrastructure," said Fred Fowler, Duke Energy's group president for energy transmission.

With the acquisition, Duke Energy's natural gas-related assets include about 18,900 miles of transmission pipeline: 241 Bcf of natural gas storage: 58,700 miles of gathering pipeline; 84 processing facilities: and 16,500 miles of distribution pipe.

Houston-based Duke Energy Gas Transmission will operate the former Westcoast transmission, storage and distribution systems. In addition to the wholly owned transmission pipeline systems of DEGT (Texas Eastern Transmission. Algonquin Gas Transmission and East Tennessee Natural Gas) and the wholly owned transmission systems of the former Westcoast Energy (BC Pipeline, Empire State Pipeline and Union Gas Transmission), the combined company has ownership interests in the Maritimes & Northeast Pipeline (75 percent) the soon-to-be-completed Gulfstream Natural Gas System (50 percent); Foothills Pipe Lines (50 percent); Vector Pipeline (30 percent); and Alliance Pipeline (23.6 percent).