Iberdrola sells its gas storage business in Canada to the Atco Group

Iberdrola, through its affiliate Scottish Power Overseas Limited, has closed Sale of gas storage business Gas storage at the de Alberta Hub For the Canadian group AtcoThe company said in a statement.

The energy company operates the natural gas storage facilities at the Alberta Hub Gas Storage in the province of Alberta, Canada through Iberdrola Canada Energy Services., owner of 57%. The original has a total storage capacity of approx 43 Bcf (Billions of cubic feet), of which 24 billion cubic feet is equivalent to the participation of Iberdrola.

Through this operation, the company will virtually shut down its gas storage business, as it will only have a remaining asset in the UK, Hatfield Gas Storage 4.1 billion cubic feet.

head the group Ignacio Sanchez Galan He indicated that through this process, it is continuing its plan to dispose of non-strategic assets, in line with climate action, and began its energy transition and exit from the gas business in 2001. LikewiseDivestment is a new step in the commitment to reduce emissions Iberdrola whose strategy began two decades ago.

In this sense, the group in recent years has stripped itself of gas storage and gas trading in the United States or carried out the exit of thermal generation business in the United Kingdom, Scottish Power becomes the first company in the country to focus on renewable energy generation, networks and customers. In addition, in 2019 the energy company sold its portfolio of long-term LNG supply contracts in a pioneering operation.

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Sacha Woodward

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