Enbridge to acquire underground natural gas storage for $295 million
(UI) – Pipeline operator Enbridge Inc. announced that it has entered into a definitive agreement with FortisBC Holdings Inc. to acquire its interest in FortisBC Midstream Inc., which holds a 93.8% interest in Aitken Creek Gas Storage facility and a 100% interest in Aitken Creek North Gas Storage facility (collectively, Aitken Creek Storage) for $295 million, subject to customary closing adjustments.
Aitken Creek Storage is an underground reservoir located 75 miles (120 kilometers) northeast of Fort St. John, B.C., and is the largest and only underground natural gas storage facility in B.C., totaling 77 billion cubic feet of working gas capacity.
Located in the heart of the prolific Montney production region, Aitken Creek Storage is an integral part of the natural gas transmission system in Western Canada and the only underground storage facility that connects to all three major long-haul natural gas transportation lines in Western Canada including Enbridge's Westcoast Pipeline and Alliance Pipeline.
"Natural gas plays an increasingly important role in the energy transition, and this investment further aligns with Enbridge's focus on providing the affordable, sustainable and reliable energy that is needed now and into the future," said Cynthia Hansen, Enbridge Executive Vice President and President, Gas Transmission and Midstream.
The transaction is expected to close later in 2023, subject to receipt of customary regulatory approvals and closing conditions.
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