Business
Enbridge to Acquire Aitken Creek Natural Gas Storage from FortisBC Holdings Inc. for $400 million
Enbridge to Acquire Aitken Creek Natural Gas Storage from FortisBC Holdings Inc. for $400 million...
About this update from Enbridge Inc.
[{"type":"text","content":"\n \n \n \n Enbridge to Acquire Aitken Creek Natural Gas Storage from FortisBC Holdings Inc. for $400 million\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prngen2{\nPADDING-RIGHT:0.17em; PADDING-LEFT:0.17em; VERTICAL-ALIGN: BOTTOM; TEXT-ALIGN: LEFT; BORDER-TOP:black 1pt; BORDER-RIGHT:black 1pt; BORDER-BOTTOM:black 1pt; BORDER-LEFT:black 1pt\n}\n.prnml4{\nMARGIN-TOP:0em; MARGIN-RIGHT:0em; MARGIN-BOTTOM:0em; MARGIN-LEFT:0.33em !IMPORTANT\n}\n.prnbcc{\nBORDER-COLLAPSE: COLLAPSE; BORDER-TOP:1pt black; BORDER-RIGHT:1pt black; BORDER-BOTTOM:1pt black; BORDER-LEFT:1pt black\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n CALGARY, AB\n \n \n ,\n \n \n May 1, 2023\n \n \n /CNW/ - Enbridge Inc. (Enbridge or the Company) (TSX: ENB) (NYSE: ENB) announced today that, through a wholly-owned subsidiary, 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,\n \n Aitken Creek Storage\n \n ) for\n \n $400 million\n \n , subject to customary closing adjustments.\n \n \n \n Aitken Creek Storage\n \n is an underground reservoir located 120 kilometres northeast of\n \n Fort St. John, B.C.\n \n , and is the largest and only underground natural gas storage facility in B.C., totaling 77 billion cubic feet of working gas capacity.\n \n \n Located in the heart of the prolific\n \n Montney\n \n production region,\n \n Aitken Creek Storage\n \n is an integral part of the natural gas transmission system in\n \n Western Canada\n \n and the only storage facility that connects to all three major long-haul natural gas transportation lines in\n \n Western Canada\n \n including Enbridge's Westcoast Pipeline and Alliance Pipeline.\n \n \n \"Enbridge is pleased to acquire\n \n Aitken Creek Storage\n \n , 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\n \n Cynthia Hanse...