Enbridge to Buy Aitken Creek Gas Storage for C$400 Million

By Robb M. Stewart

Enbridge Inc. has struck a deal to buy Aitken Creek Gas Storage, an underground natural gas storage facility in British Columbia that is a key part of Western Canada's gas transmission system, for 400 million Canadian dollars (US$295.2 million).

Pipeline- and energy-infrastructure-company Enbridge said Monday it entered a definitive agreement with FortisBC Holdings Inc. to acquire its interest in FortisBC Midstream Inc., which holds a nearly 94% stake in the Aitken Creek Gas Storage facility and all of the Aitken Creek North Gas Storage facility.

Aitken Creek Storage is the largest and only underground reservoir in British Columbia, totaling 77 billion cubic feet of working gas capacity, and connects to all three major long-haul natural gas transportation lines in Western Canada including Enbridge's Westcoast Pipeline and Alliance Pipeline.

The transaction is expected to close later in the year, the Calgary, Alberta company said.

Write to Robb M. Stewart at robb.stewart@wsj.com

(END) Dow Jones Newswires

May 01, 2023 07:30 ET (11:30 GMT)

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