Williams, a leading energy company, announced that it will acquire six underground natural gas storage facilities and related pipelines from Hartree Partners for $1.95 billion.
The deal will boost Williams’ capacity and access to key markets, including LNG and Transco, the largest natural gas transmission pipeline in the US. The transaction is expected to close in January 2024, subject to regulatory approvals.
Williams said the acquisition will enhance its ability to meet growing energy demand and support its transition to a low-carbon future.
“This premier natural gas storage platform on the Gulf Coast fits squarely within our strategy to own and operate the best assets connected to the best markets to serve growing demand driven by LNG exports and power generation,” said Williams President and Chief Executive Officer Alan Armstrong.
“These assets better position Williams’ natural gas storage operations to serve Gulf Coast LNG demand and growing electrification loads from data centers along the Transco corridor. Importantly, this storage will also allow us to provide value to customers in markets with growing renewables adoption as daily peaks for natural gas increases the need for storage.
Since 2010, U.S. demand for natural gas has grown by 56% while gas storage capacity has only increased 12%. We expect the increasing demand for high deliverability storage to drive significant earnings growth across these assets.”
PG&E plans to sell its Pleasant Creek natural gas storage field located in Yolo County