Rockpoint Gas Storage Inc. Announces Filing of Application to California Public Utilities Commission for Potential Future Acquisition of Wild Goose and Lodi

Executive Summary

• Rockpoint Gas Storage Inc. filed a joint application with Brookfield Infrastructure Fund GP II, LLC, Wild Goose Storage LLC and Lodi Gas Storage L.L.C. to the California Public Utilities Commission (CPUC) seeking authorization to acquire a controlling interest in Wild Goose and Lodi at a future date.
• Brookfield currently holds 60% of each entity; Rockpoint holds the remaining 40%. Brookfield may require Rockpoint to purchase all or part of its interests after October 15, 2026 via cash, Rockpoint Class A common shares, or a combination (the “Exchange Right”).
• The CPUC decision is expected by September 2026, but timing is uncertain; the filing preserves optionality for Rockpoint should Brookfield elect to exercise its Exchange Right.

Key Details

• Application Filed: Joint CPUC application submitted on Jan 12, 2026 by Rockpoint, Brookfield Infrastructure Fund GP II, Wild Goose Storage LLC and Lodi Gas Storage L.L.C.
• Regulatory Requirement: California law requires prior CPUC approval for any change of controlling interest in regulated gas storage utilities.
• Current Ownership Structure:
• Brookfield – 60% indirect ownership of each of Wild Goose and Lodi.
• Rockpoint – 40% indirect ownership of each.
• Exchange Right Terms (Brookfield to Rockpoint):
• May be exercised any time after Oct 15, 2026.
• Consideration may be cash, Rockpoint Class A common shares, or a mix of both, at Rockpoint’s election.
• No Current Determination: Brookfield has not decided whether to exercise the Exchange Right; no transactions are pending.
• Purpose of Filing: To preserve optionality and flexibility for Rockpoint should Brookfield decide to sell its stake, given the potentially lengthy CPUC review process.
• Proposed CPUC Decision Timeline: Applicants request a final decision by September 2026; actual timing will depend on the Commission.
• Access to Application: Full application will be available on the CPUC website (www.cpuc.ca.gov).

Notable Quotes

(No direct quotes were provided in the release.)