Wednesday 21 February 2024

Kistos to acquire EDF Energy’s gas storage arm for £25m

Kistos to acquire EDF Energy’s gas storage arm for £25m

Hydrocarbon producer Kistos has signed a sale and purchase agreement to acquire EDF Energy (Gas Storage) Limited from EDF Energy (Thermal Generation) Limited.

This includes two onshore UK gas storage facilities, Hill Top Farm and Hole House Farm, for a total consideration of £25 million.

Kistos plans to start operations at both sites and collaborate with a partner for gas trading.

Hill Top Farm currently has a gas capacity of 17.8 million therms, with ongoing efforts to increase this to 21.2 million therms.

It represents 3.1% of the UK's total onshore gas storage capacity and can deliver up to 11% of the UK's flexible daily gas capacity.

With Hole House Farm, currently non-operational, there's potential for expansion with reactivation and development.

Commenting on the acquisition, Andrew Austin, Kistos' Executive Chairman, said: "Not only do these assets complement our upstream UK assets, but they also diversify our presence across the energy value chain with a foothold in the midstream market."

Written by

Sumit Bose

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