Iberdrola is accelerating its exit from the gas storage business in Canada

Iberdrola, through its subsidiary Scottish Power Overseas Limited, Has closed sales Gas storage business From Alberta Hub Gas Storage Atco, a Canadian group, said in a statement compiled by Europa Press. The energy company operates Alberta Hub Gas Storage Natural Gas Storage The state of Alberta in Canada has a 57% stake in Ibertola Canada Energy Services.

The total storage capacity of the property is approximately 43 Bcf (billion cubic feet), of which 24 Bcf net corresponds to Iberdrola’s interest. Through this process, the company will practically close the gas storage business because it has a residual asset in the UK, Hotfield Gas Storage 4.1 Bcf.

Exemption plan

The group, led by Ignacio Sánchez Galán, is continuing its allocation of strategic assets in line with the climate change initiative launched in 2001, in line with energy transition and exit from the gas business. According to the commitment Emissions reduction for Ibertola, which began its strategy two decades ago.

In this sense, in recent years, the Group has either withdrawn itself from the gas storage and gas trade in the United States or has become a Scottish power, activating the outflow of the heat generation business in the United Kingdom. The country’s first company focused on renewable generation, networks and customers. In addition, in 2019 the energy company sold its portfolio of long-term LNG supply contracts in a pioneering move.