Enbridge to acquire Montney storage facility
Canadian midstream infrastructure company Enbridge said May 1 it had entered into a definitive agreement with FortisBC Holdings to acquire FortisBC Midstream for C$400mn (US$295mn), which owns the only underground natural gas storage capacity in BC.
FortisBC Midstream holds a 93.8% interest in Aitken Creek Gas Storage and a 100% interest in Aitken Creek North Gas Storage. Located in the Montney field, the Aitken Creek facilities have a combined 77bn ft3 of working gas storage and are connected to three major long-haul gas transmission pipelines, including Enbridge’s Westcoast and Alliance pipelines.
“Enbridge is pleased to acquire Aitken Creek Storage, a well-located and connected facility that will enable us to continue to meet regional energy needs as well as support increasing demand for west coast LNG exports,” 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.