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# Natural Gas Storage Update
- URL: https://www.calregulatory.com/natural-gas-storage-update/
- Published: 2025-12-16T19:25:39.000Z
- Updated: 2025-12-16T19:54:13.000Z
- Author: MC
- Tags: natural gas storage, Wild Goose Storage, Lodi Gas Storage, Public Utilities Code, CPUC

Wild Goose Storage and Lodi Gas Storage filed a [joint application](https://docs.cpuc.ca.gov/PublishedDocs/Efile/G000/M590/K511/590511213.PDF?ref=calregulatory.com) at the CPUC seeking exemptions from the Public Utilities Code to support a 2025 refinancing of their Brookfield-owned gas storage assets. 

Their proposed transaction would replace the prior asset-based lending facility with a new **$350 million** revolving credit facility and continue an amended **$1.25 billion** term loan through 2031\. 

As part of the refinancing, Wild Goose and Lodi would pledge their assets and provide corporate guarantees to support affiliate-level borrowing. The applicants argue that portfolio-wide financing lowers borrowing costs, improves liquidity, and does not impair safety or service, noting that both facilities operate at market-based rates with no captive customers and that similar exemptions have been repeatedly approved in prior re-financings.

Protests to this item will be due 30 days from when it appears on the CPUC's Daily Calendar. 

**INSTANT ANALYSIS**: This filing continues the Commission’s long-standing practice of allowing independent gas storage operators to participate in portfolio-level financings. The filing reinforces that the CPUC remains comfortable with asset pledges and affiliate guarantees where storage facilities:

- Operate at market-based rates;
- Have no captive customers; and
- Can demonstrate that refinancing improves liquidity without increasing operational or safety risk.