Iberdrola accelerates exit from gas storage business in Canada

Iberdrola, through its subsidiaries Scottish Power Overseas Limited, has closed the sale of gas storage business Alberta Hub . Gas Storage Atco’s Canadian group, the company was informed in a statement compiled by Europa Press. Energy companies operate Natural gas storage Alberta Gas Storage Hub in the Canadian province of Alberta through Iberdrola Canada Energy Services, which owns 57%.

The asset has a total storage capacity of approximately 43 Bcf (billion cubic feet), of which a net 24 Bcf would suit Iberdrola’s interests. With this operation, the company will practically close its gas storage business, as it only has remaining assets in the UK, Hatfield Gas Storage of 4.1 Bcf.

Divestment plan

The group chaired by Ignacio Sánchez Galán indicated that with this operation continuing its non-strategic asset divestment plans, in line with climate action, the energy transition and exit from the gas business started in 2001. Likewise, divestment is a new one. step in commitment to Iberdrola’s emission reductions started its strategy two decades ago.

In this regard, in recent years the group has divested its gas storage and gas trading business in the United States or implemented an exit from its thermal generation business in the UK, becoming Scottish Power. in the first company in the country to focus on renewable generation, grid and customers. In addition, in 2019 the energy company sold its portfolio of long-term LNG supply contracts in pilot operations.

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