Dec 7, 2021
Iberdrola has taken another positive step foward in its decarbonization strategy. The company, through its subsidiary Scottish Power Overseas Limited, has closed the sale of Alberta Hub Gas Storage - owned 57% by Iberdrola Canada Energy Services - to the Canadian group ATCO.
Iberdrola Canada Energy Services operates the Alberta Hub Gas Storage natural gas storage facility in the province of Alberta, Canada. The asset has a total storage capacity of approximately 43 Bcf (24 Bcf net according to Iberdrola's shareholding).
With this operation, Iberdrola continues its plan to divest non-strategic assets, in line with its climate action, energy transition and exit from the gas business initiated in 2001.
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The divestment is a further step in Iberdrola Group's commitment to emissions reduction, which anticipated the industry's move through a strategy kicked off in 2001:
Thus, the company practically closes its gas storage business, as it would only have one residual asset left in the United Kingdom, 4.1-Bcf Hatfield Gas Storage. With the divestment of the gas storage business in Canada, Iberdrola takes another step forward in its commitment to clean energy and decarbonisation of the economy.
INVESTMENTS TO MEET THE CHALLENGES OF THE GREEN ECONOMY
Iberdrola has been leading the energy transition for two decades, acting as a key driving force in the transformation of industries and the green recovery of the economy and employment. To this end, the company has launched a major investment plan of €150 billion over the next decade - €75 billion euros by 2025 -, with which to triple renewable capacity and double network assets and take advantage of the opportunities of the energy revolution facing the world's leading economies.
With 80% emission-free production at the end of nine months 2021, the Iberdrola group has committed to be carbon neutral by 2030 in Europe, where its emissions were just around 50g/kWh at the end of nine months 2021, and to reduce its global CO2 emissions intensity to 50g/kWh (70g/kWh by the end of 2025) and become carbon neutral globally by 2050.