Williams to pay $2 billion to buy natural gas storage assets from Hartree Partners - MarketWatch
Williams to pay $2 billion to buy natural gas storage assets from Hartree Partners - MarketWatch
Williams Companies WMB, -0.06% announced Wednesday an agreement to buy a portfolio of natural gas storage assets for $1.95 billion from an affiliate of Hartree Partners L.P. The deal includes six underground storage facilities in Louisiana and Mississippi and 230 miles of gas transmission pipeline. The deal is expected to close in January 2024. “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,” said Williams Chief Executive Alan Armstrong. “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.” Williams stock, which was indicated up fractionally, has gained 6.8% year to date, while the Energy Select Sector SPDR ETF
Williams Companies
Related Knowledge Center: Climate economics
Climate change is now a driver of the world’s economy. The impact is profound:
- Catastrophic weather events — hurricanes, floods, droughts, high temperatures — are more frequent and more extreme. The cost can be measured in both the initial damage caused and the longer-term impact on the economy.
- Vulnerable communities are increasing climate-related investments, hardening infrastructure and taking other protective measures.
- Investment in carbon capture and storage technologies is increasingly rapidly.
- Governments are making investments and crafting regulations to reduce emissions of carbon dioxide and other greenhouse gases.
On top of all of this is the cost of uncertainty. As the Fourth National Climate Assessment, released in 2018 by the U.S. Global Change Research Program, says, “The assumption that current and future climate conditions will resemble the recent past is no longer valid.”