PG&E has announced plans to sell off their 2.3 Bcf Pleasant Creek Gas Storage Facility in Yolo County, California which represents approx. 2% of their total inventory capacity.
PG&E decided that the field "is no longer a necessary asset for providing safe, reliable natural gas service to customers." They provided the full details in the following document that can be found here.
Sempra Energy announced several integrated transactions to simplify their structure, including the following highlights:
- Commencing a stock-for-stock exchange offer for IEnova public shares for Sempra Energy shares to be listed in Mexico on a 0.0313 share basis for each share of IENOVA stock held
- Formation of new platform, Sempra Infrastructure Partners, which will combine Sempra LNG and IEnova under one firm
- Selling a non-controlling stake in the new platform to fund growth and "highlight the underlying value of the platform"
All of the planned moves should be completed by the first quarter of 2021. Once that occurs, Sempra Infrastructure Partners will manage a 45 Mtpa portfolio of LNG under development, construction or online already in North America. They will also manage significant pipeline assets and 4-GW in renewable energy.