TC Energy announces $1.3 billion of system expansions to connect Western Canadian Sedimentary Basin supply to incremental mar...
February 13 2020 - 7:00AM
News Release – TC Energy Corporation (TSX, NYSE: TRP) (TC Energy)
announced today that it has approved two new expansion projects
totaling $1.3 billion on its wholly-owned natural gas pipeline
systems. The $0.9 billion 2023 NGTL Intra-Basin System Expansion
will deliver natural gas from the Western Canadian Sedimentary
Basin (WCSB) to markets within Alberta on the NOVA Gas Transmission
Ltd. (NGTL) System, while the US$0.3 billion Alberta XPress project
will see the expansion of the ANR Pipeline (ANR) to provide a
seamless path for Canadian production to access growing LNG export
and other markets along the U.S. Gulf Coast.
“Our natural gas pipeline systems require expansion as customers
continue to contract for incremental pipeline capacity to meet
growing demand,” said Russ Girling, TC Energy’s President and Chief
Executive Officer. “These new investments within our existing
system footprints supplement our ongoing $30 billion secured
capital program and demonstrate the long-term need across North
America and in global energy markets for clean-burning natural gas,
as well as the value of our existing infrastructure as a platform
for organic growth.”
The 2023 NGTL Intra-Basin System Expansion is underpinned by
approximately 309 million cubic feet per day (MMcf/d) of new firm
service delivery contracts. Customers have executed agreements with
15-year terms, with service commencing in 2023, that will connect
WCSB supply to growing Alberta market demand in the power
generation, oil sands, petrochemical and utility sectors. The 2023
NGTL Intra-Basin System Expansion will include approximately 119 km
(74 miles) of new pipeline in existing rights-of-way and 90 MW of
additional compression. Applications for approvals to construct and
operate the facilities are expected to be filed with the Canada
Energy Regulator in 2020 and, pending receipt of regulatory
approvals, construction will commence as early as fourth quarter
2021.
The Alberta XPress project on ANR is underpinned by
approximately 160 MMcf/d of new firm service contracts and will
include compressor station modifications and additions within the
existing ANR footprint, as well as utilize existing capacity on the
Great Lakes Gas Transmission and Canadian Mainline systems.
Customers have negotiated agreements, which include customary
conditions precedent, with weighted average terms of 19 years and
service commencing in 2022. Applications for approvals to construct
and operate the ANR facilities will be filed with the Federal
Energy Regulatory Commission (FERC) in 2020. Pending receipt of
FERC approvals, construction will commence as early as third
quarter 2021.
About TC Energy We are a vital part of everyday
life - delivering the energy millions of people rely on to power
their lives in a sustainable way. Thanks to a safe, reliable
network of natural gas and crude oil pipelines, along with power
generation and storage facilities, wherever life happens — we’re
there. Guided by our core values of safety, responsibility,
collaboration and integrity, our more than 7,300 people make a
positive difference in the communities where we operate across
Canada, the U.S. and Mexico.
TC Energy’s common shares trade on the Toronto (TSX) and New
York (NYSE) stock exchanges under the symbol TRP. To learn more,
visit us at TCEnergy.com.
FORWARD-LOOKING INFORMATIONThis release
contains certain information that is forward-looking and is subject
to important risks and uncertainties (such statements are usually
accompanied by words such as "anticipate", "expect", "believe",
"may", "will", "should", "estimate", "intend" or other similar
words). Forward-looking statements in this document are intended to
provide TC Energy security holders and potential investors with
information regarding TC Energy and its subsidiaries, including
management's assessment of TC Energy's and its subsidiaries' future
plans and financial outlook. All forward-looking statements reflect
TC Energy's beliefs and assumptions based on information available
at the time the statements were made and as such are not guarantees
of future performance. As actual results could vary significantly
from the forward-looking information, you should not put undue
reliance on forward-looking information and should not use
future-oriented information or financial outlooks for anything
other than their intended purpose. We do not update our
forward-looking information due to new information or future
events, unless we are required to by law. For additional
information on the assumptions made, and the risks and
uncertainties which could cause actual results to differ from the
anticipated results, refer to the Quarterly Report to Shareholders
dated October 31, 2019 and the 2018 Annual Report filed under TC
Energy's profile on SEDAR at www.sedar.com and with the U.S.
Securities and Exchange Commission at www.sec.gov.
Media Inquiries:Kelly Matthews / Carol
Wirth403-920-7859 or 800-608-7859
Investor & Analyst Inquiries:David Moneta /
Duane Alexander403-920-7911 or 800-361-6522
PDF available:
http://ml.globenewswire.com/Resource/Download/181cb858-7cb8-4f77-becc-4b2521942e1f
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