Sempra Energy announced late Thursday that it completed the sale of its indirect subsidiary with two natural gas storage facilities, Bluewater (MI) Gas Storage and Pine Prairie (LA) Energy Center, for $250 million, to publicly traded Plains All American Pipeline, LP, and Vulcan Capital.
Last month San Diego-based Sempra announced the agreement to sell Energy Center Investments Corp., whose two principal assets are the Bluewater and Pine Prairie facilities. Collectively, the two storage facilities are expected eventually to have a total storage capacity of 44 Bcf.
Bluewater, located in St. Clair, MI, operates with a current capacity of 20 Bcf; it began operations in May 2004. Still under development, Pine Prairie in Evangeline Parish, LA, is a planned salt cavern gas storage facility with expected capacity of 24 Bcf.
Separately, Sempra also announced Thursday that President/COO Donald Felsinger will address the Bank of America's 35th annual investment conference Monday in San Francisco. A company announcement said Felsinger will provide an update on Sempra's market initiatives.
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