Enbridge to Acquire Aitken Creek Storage Facilities from Fortis at a Cost of $295 million

Canada: Enbridge, the Canadian energy transportation company, has recently agreed to purchase Aitken Creek Natural gas storage facilities from Fortis' subsidiary FortisBC for an estimated amount of $295.4m. Aitken Creek, located 120km northeast of Fort St. John, British Columbia, plays a pivotal role in Western Canada's Natural gas transmission system, boasting a substantial underground Natural gas storage capacity of 77 billion cubic feet. Following the acquisition, Enbridge's fully owned subsidiary will take over the operations of the storage facilities.

Enbridge to Acquire Fortis' Interest in FortisBC Midstream, including 93.8% Ownership of Aitken Creek Gas Storage Facility and 100% Stake in Aitken Creek North Gas Storage Facility FortisBC Midstream's Natural gas storage assets, which include Aitken Creek gas storage facility with a total working gas capacity of 77 billion cubic feet, will now be acquired by Enbridge. In 2016, Fortis purchased these assets from Chevron Canada Properties for $266 million. Fortis strengthens their balance sheet and gains funding flexibility for their regulated utility growth strategy through the sale of Aitken Creek. The underground Natural gas storage facility is situated approximately 120km northeast of Fort St. John, British Columbia.

Enbridge has stated that the assets located within the Montney production region play a crucial role in the Natural gas transmission system of Western Canada. One such asset is the Aitken Creek storage facility, which is the sole connection point to three vital long-haul Natural gas transportation lines in the region, such as Enbridge's Westcoast pipeline and Alliance pipeline.

Enbridge has announced its satisfaction on acquiring Aitken Creek Storage, a conveniently situated and linked facility that will allow them to keep fulfilling the energy requirements of the region while also supporting the growing desire for LNG exports on the west coast. As Natural gas continues to play an essential role in the energy transition, this investment fortifies Enbridge's commitment to providing accessible, dependable, and sustainable energy that is necessary in the present and future. The agreement is scheduled to be finalized later this year upon fulfilling several regulatory conditions and securing the British Columbia Utilities Commission's nod.