Enbridge buys underground natural gas storage facility from Fortis for $400 million

Enbridge Inc. has signed a deal to purchase a big underground pure fuel storage facility in B.C. for $400 million.

Under the settlement with FortisBC Holdings Inc., Enbridge will purchase the corporate’s curiosity in FortisBC Midstream Inc., which holds a 93.8 per cent curiosity within the Aitken Creek Gas Storage facility and a 100 per cent curiosity within the Aitken Creek North Gas Storage facility.

The underground reservoir is 120 kilometres northeast of Fort St. John, B.C., within the Montney manufacturing area.

Enbridge says it has 77-billion cubic ft of working fuel capability.

The firm says Aitken Creek Storage connects to all three main long-haul pure fuel transportation strains in Western Canada, together with Enbridge’s Westcoast and Alliance pipelines.

The deal is predicted to shut later this 12 months, topic to receipt of customary regulatory approvals and shutting circumstances.

This report by The Canadian Press was first revealed May 1, 2023.