Iberdrola sells its gas storage business in Canada to the Atco . group

Iberdrola, through its subsidiary Scottish Power Overseas Limited, has closed gas storage business sales de Alberta Gas Storage Hub to the Canadian group Atco, the company reported in a statement.

The energy company operates the Alberta Hub Gas Storage natural gas storage facility in the Canadian province of Alberta through Iberdrola Canada Energy Services, owner 57%. The asset has a total storage capacity of approx. 43 Bcf (billion cubic feet), where 24 Bcf net would correspond to Iberdrola’s participation.

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.

The group led by Ignacio Sanchez Galan indicated that with this operation continued divestment plans in non-strategic assets, in line with actions for climate, energy transition and exit from the gas business started in 2001. Likewise, divestment is a new step in emission reduction commitment from Iberdrola who started his strategy two decades ago.

In this regard, in recent years the group has divested itself of the gas storage and gas trading business in United States or applying out of the thermal generation business in the UK, became Scottish Power, 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 pioneer operations.

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