Expanded capacity supports increased natural
gas demand in the Rockies and Western U.S.
ST.
LOUIS, Aug. 26, 2022 /PRNewswire/ -- To meet the
growing energy demands in the Rockies and Western U.S., Spire
Storage is proceeding with the expansion of its facilities in
Wyoming, with partial availability
of additional natural gas storage capacity in fiscal 2024 and more
in 2025.
"We've seen an increasing recognition of the value of natural
gas storage over the last few years given the impact on energy
security caused by Winter Storm Uri
in 2021 and recent global events. Natural gas plays a key role in
ensuring that security for the future," said Scott Smith, president of Spire Storage.
"Natural gas storage also helps to support and balance seasonal gas
heating demand and the intermittent nature of renewable power
generation, which is an increasingly important generation source in
the Western U.S."
Consistent with the Federal Energy Regulatory Commission (FERC)
7(c) project approval and FERC's issuance of a Notice to Proceed,
Spire Storage started limited construction of the initial project
phase in mid-August. Full project completion is expected to take
place over the next two years during construction seasons that run
April through October in Wyoming.
The expansion project will increase Spire Storage underground
working gas storage capacity from 23 Bcf to 39 Bcf, and
involves the addition of injection and withdrawal wells,
compression, pipeline infrastructure, and gas processing
capability. Capital expenditures for the project are expected to
total $195 million.
With this expansion, Spire Storage will be in a stronger
position to serve Western U.S. markets, given its interconnects
with five pipelines serving California, the Rockies, and the Southwest and
Northwest. The project is anticipated to deliver expanded services
to existing and new customers, as well as a strong return on
investment. We anticipate earnings per share accretion beginning in
fiscal 2025.
About Spire
At Spire Inc. (NYSE: SR), we believe energy exists to help make
people's lives better. It's a simple idea, but one that's at the
heart of our company. Every day we serve 1.7 million homes and
businesses making us the fifth largest publicly traded natural gas
company in the country. We help families and business owners fuel
their daily lives through our gas utilities serving Alabama, Mississippi and Missouri. Our natural gas-related businesses
include Spire Marketing, Spire STL Pipeline and Spire Storage. We
are committed to transforming our business through growing
organically, investing in infrastructure, and advancing through
innovation. Learn more at SpireEnergy.com.
Investor Contact:
Scott W. Dudley Jr.
314-342-0878
Scott.Dudley@SpireEnergy.com
Media Contact:
Jason Merrill
314-365-7125
Jason.Merrill@SpireEnergy.com
|
View original content to download
multimedia:https://www.prnewswire.com/news-releases/spire-storage-proceeds-with-expansion-of-facilities-301613113.html
SOURCE Spire Inc.