Fortis announces sale of Aitkent Creek Natural Gas in British Columbia

Fortis announced FortisBC Holdings (FHI) has entered into a definitive share purchase and sale agreement with a subsidiary of Enbridge (ENB) to sell its 93.8% ownership interest in the Aitken Creek Natural Gas Storage Facility in British Columbia and its 100% ownership interest in the Aitken Creek North Gas Storage Facility for approximately C$400M, subject to customary closing conditions and adjustments. "We are pleased to announce the sale of Aitken Creek to Enbridge. This unregulated asset sale further strengthens our balance sheet and provides additional funding flexibility to support our regulated utility growth strategy," said David Hutchens, President and Chief Executive Officer, Fortis. As previously disclosed, the Corporation expects to fund its low-risk, highly executable $22.3 billion 2023-2027 capital investment plan primarily with cash from operations, debt issued at the regulated utilities and common equity from the Corporation’s dividend reinvestment plan.