Investment accounts
Adult accounts
Child accounts
Choosing Fidelity
Choosing Fidelity
Why invest with us Current offers Fees and charges Open an account Transfer investments
Financial advice & support
Fidelity’s Services
Fidelity’s Services
Financial advice Retirement Wealth Management Investor Centre (London) Bereavement
Guidance and tools
Guidance and tools
Choosing investments Choosing accounts ISA calculator Retirement calculators
Share dealing
Choose your shares
Tools and information
Tools and information
Share prices and markets Chart and compare shares Stock market news Shareholder perks
Pensions & retirement
Pensions, tax & tools
Saving for retirement
Approaching / In retirement
Approaching / In retirement
Speak to a specialist Creating a retirement plan Taking tax-free cash Pension drawdown Annuities Investing in retirement Investment Pathways
Kistos to buy EDF UK gas storage assets for £25m
(Sharecast News) - Kistos has finalised a sale and purchase agreement to acquire EDF Energy Gas Storage, it announced on Tuesday, including two gas storage facilities onshore in the UK, namely Hill Top Farm and Hole House Farm. The AIM-traded firm said the £25m transaction was part of its strategic move to expand its portfolio in alignment with its energy transition objectives.
It said that by assuming operatorship of both Hill Top and Hole House, it aimed to capitalise on the stable marketplace and substantial growth prospects offered.
The company said it also intended to collaborate with a partner for gas trading operations at the sites.
Hill Top Farm, with a gas capacity of 17.8 million therms and plans to increase the volume to 21.2 million therms in the short term, contributes significantly to the UK's onshore gas storage capacity.
Kistos said that with swift operational capabilities, Hill Top could cater to up to 11% of the UK's flexible daily gas capacity.
The inclusion of Hole House Farm, although currently non-operational, offered further potential to augment the UK's gas storage capacity on reactivation and development.
Moreover, both facilities were being evaluated for their adaptability to future energy storage applications, such as compressed air or hydrogen storage.
"Our entry into the gas storage market marks another advancement in our growth strategy to expand the business through value-accretive acquisitions," said executive chairman Andrew Austin.
"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.
"We look forward to benefiting from the experience of the existing team at these sites as we assume operatorship."
Austin said their specialist expertise would be valuable as the company looked to maximise the potential of the assets and evaluate its options to expand operations via other energy storage sources, such as compressed air or hydrogen.
"In essence, Kistos will own one of the most flexible 'batteries' in the UK, vital for energy security and supply."
At 1414 GMT, shares in Kistos Holdings were up 8.7% at 150p.
Reporting by Josh White for Sharecast.com.
Share this article
Related Sharecast Articles
Important information: This information is not a personal recommendation for any particular investment. If you are unsure about the suitability of an investment you should speak to one of Fidelity’s advisers or an authorised financial adviser of your choice. When you are thinking about investing in shares, it’s generally a good idea to consider holding them alongside other investments in a diversified portfolio of assets. Past performance is not a reliable indicator of future returns.
Award-winning online share dealing
Search, compare and select from thousands of shares.
Expert insights into investing your money
Our team of experts explore the world of share dealing.
Policies and important information
Accessibility | Conflicts of interest statement | Consumer Duty Target Market | Consumer Duty Value Assessment Statement | Cookie policy | Diversity and Inclusion | Doing Business with Fidelity | Fidelity gender pay report | Investing in Fidelity funds | Legal information | Modern slavery | Mutual respect policy | Privacy statement | Remuneration policy | Security | Statutory and Regulatory disclosures | Whistleblowing policy
Please remember that past performance is not necessarily a guide to future performance, the performance of investments is not guaranteed, and the value of your investments can go down as well as up, so you may get back less than you invest. When investments have particular tax features, these will depend on your personal circumstances and tax rules may change in the future. This website does not contain any personal recommendations for a particular course of action, service or product. You should regularly review your investment objectives and choices and, if you are unsure whether an investment is suitable for you, you should contact an authorised financial adviser. Before opening an account, please read the ‘Doing Business with Fidelity’ document which incorporates our client terms. Prior to investing into a fund, please read the relevant key information document which contains important information about the fund.
This website is issued by Financial Administration Services Limited, which is authorised and regulated by the Financial Conduct Authority (FCA) (FCA Register number 122169) and registered in England and Wales under company number 1629709 whose registered address is Beech Gate, Millfield Lane, Lower Kingswood, Tadworth, Surrey, KT20 6RP.
