The story
The main natural gas distributor in Québec was created during the first nationalization of electricity in Québec, in 1944. By bringing Montreal Light, Heat and Power under state control, the new Quebec Hydroelectric Commission, better known as Hydro-Québec, not only took charge of the company's electricity assets, and also acquired a gas distribution network in Greater Montreal.
Near the end of the 1940s, industrialists began planning the construction of a pipeline that would connect Alberta and the large cities of Ontario. Hydro-Québec was approached to extend the pipeline toward Montreal. Several meetings were organized, and the Quebec Hydroelectric Commission ordered internal studies and sought expert advice. In March 1954, the commissioners formed a committee to make a decision. The committee recommended replacing industrial gas with natural gas from Western Canada, a conversion that would be of some benefit to the public utility. The commission's president, L.-Eugène Potvin, instead recommended selling the gas sector to a private company. This solution was adopted and the Commission adopted a resolution to divest itself of all its gas assets, which was approved by the Duplessis government. Negotiations began with several groups and the sale of the network to the Quebec Natural Gas Corporation was concluded in the spring of 1957.
In 1969, the company was renamed Gaz Métropolitain. Its liquefaction plant was inaugurated on October 7, 1969.
In 1985, the company acquired Gaz Inter-Cité Québec (which served eastern Québec) and Gaz Provincial du Nord (which served Abitibi-Témiscamingue). It became a subsidiary of Noverco.
In 1986, Gaz Métro acquired Vermont Gas Systems, which distributes all the natural gas in Vermont.
On January 1, 1997, almost 40 years after removing itself from the natural gas sector, Hydro-Québec returned to the sector by acquiring a 42% stake in Noverco, the holding company that controls Gaz Métro. As such, Hydro-Québec was once again under the control of André Caillé, who left the position of President and CEO three months later to become the head of the Québec state company. This move was part of Mr. Caillé's convergence strategy to transform Québec into an energy hub in the northeastern part of the North American continent.
In 2003, Gaz Metropolitain was abridged to Gaz Métro and accompanied by a new logo.
In 2004, Hydro-Québec sold its shares of Noverco to the Caisse de dépôt et placement du Québec. Trencap thus became the majority shareholder in Gaz Métro.
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In 2007, Gaz Métro acquired Green Mountain Power, which distributes 70% of the electricity in Vermont. That same year, Sophie Brochu became president and chief executive officer of Gaz Métro.
In 2010, Gaz Métro was restructured so that 71% of its capital was held by the private company Noverco, which was controlled by Trencap (61.11%) and Enbridge (38.9%), while 29% was owned by the new company Valener, listed on the TSX.
In July 2011, ahead of Fortis, Gaz Métro acquired Central Vermont Public Service Corp., "the largest electricity supplier in Vermont," for US$472 million.
CVPS operations were merged with those of GMP in 2012–making GMP the largest electric utility in the state, providing electricity to over 75 percent of Vermont residents.
On November 29, 2017, Gaz Métro was renamed Énergir to reflect its wider energy portfolio.
On September 27, 2019, Noverco closed a $1.2 billion tender offer for all Valener shares, valuing Energir at approximately $4.1 billion, and returning Energir to private ownership.
On June 7, 2021, Enbridge announced the sale of its shares in Energir to Trencap for $1.14 billion, again valuing Energir at approximately $4.1 billion. Following this transaction, CDPQ and Fonds de Solidarité FTQ own 80.9% and 19.1%, respectively, of Trencap, which is the sole owner of Noverco, which owns 100% of Energir's shares.
From Wikipedia’s article on Énergir, shared under CC BY-SA 4.0.5