Montney Shale natural gas storage capacity has changed owners as Enbridge Inc. on Monday purchased a controlling stake in the Aitken Creek site in northern British Columbia (BC) from utility FortisBC Holdings Inc. for C$400 million ($300 million).

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Enbridge Executive Vice President Cynthia Hansen called the acquisition “a well located and connected facility that will enable us to continue to meet regional energy needs as well as support increasing demand for West Coast LNG exports.”

Fortis CEO David Hutchens said the sale would provide additional funding flexibility for its gas and power “regulated utility growth strategy.” The firm has a C$22.3 billion ($16.7 billion) national upgrading plan for 2023-27. 

The program includes FortisBC supply pipeline additions for the...