Fortis (FTS) Announces Sale of Aitken Creek Natural Gas Storage Facilities in British Columbia

Fortis Inc. ("Fortis" or the "Corporation") (TSX/NYSE: FTS), a well-diversified leader in the North American regulated electric and gas utility industry, today announced FortisBC Holdings Inc. ("FHI") has entered into a definitive share purchase and sale agreement with a subsidiary of Enbridge Inc. (TSX/NYSE: ENB) to sell its 93.8% ownership interest in the Aitken Creek Natural Gas Storage Facility in British Columbia and its 100% ownership interest in the Aitken Creek North Gas Storage Facility (collectively "Aitken Creek") for approximately C$400 million, subject to customary closing conditions and adjustments.

Aitken Creek is the only underground natural gas storage facility in British Columbia with a total working gas capacity of 77 billion cubic feet. It is located 120 kilometers northeast of Fort St. John, British Columbia at the heart of the Montney production region.

"We are pleased to announce the sale of Aitken Creek to Enbridge. This unregulated asset sale further strengthens our balance sheet and provides additional funding flexibility to support our regulated utility growth strategy," said David Hutchens, President and Chief Executive Officer, Fortis.

As previously disclosed, the Corporation expects to fund its low-risk, highly executable $22.3 billion 2023-2027 capital investment plan primarily with cash from operations, debt issued at the regulated utilities and common equity from the Corporation's dividend reinvestment plan.

The purchase is subject to required approval, principally by the British Columbia Utilities Commission. Closing is expected to occur by the end of the year.

CIBC Capital Markets and Fasken acted as the exclusive financial and legal advisors, respectively, to Fortis.

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