TC Energy files rate case for Columbia Gas Transmission system
July 31 2020 - 4:00PM
News Release – TC Energy Corporation (TSX, NYSE: TRP) (TC Energy or
the Company) announced today that its wholly-owned subsidiary,
Columbia Gas Transmission, LLC (Columbia), filed a general Natural
Gas Act Section 4 rate case with the U.S. Federal Energy Regulatory
Commission (FERC). With this filing, Columbia’s first Section 4
rate case in over 20 years, Columbia is seeking to recover its
prudently-incurred operating costs, a fair return on and of its
historical investment in its expansive system and to establish a
third phase of its precedent-setting modernization program.
Columbia has significantly enhanced its natural gas
infrastructure over the last decade in response to changing market
conditions. Most notably, as a result of a collaborative effort
with its customers and regulators, Columbia implemented
modernization programs in 2012 and 2016 and will have invested more
than US$2.5 billion in various system enhancements by the end of
2020. The work done under these programs has led to improvements in
reliability of service, integrity of assets and efficiency of
operations while reducing emissions. An extension of the program is
expected to continue this trend.
“The modernization and other capital investments we’ve made over
the years have provided our customers with more reliable access to
low-cost natural gas and premium markets that are required to
continue to grow the U.S. and global economies,” said Stanley
Chapman III, TC Energy Executive Vice President and President, U.S.
Natural Gas Pipelines. “We continue to improve the Company’s
strategic position by enhancing our existing robust energy
infrastructure with increased efficiency and reliability.”
The need for energy is essential to daily life, and so too
is the need to address climate change concerns. TC Energy’s
efforts to address greenhouse gas emissions associated with the
Columbia system have resulted in approximately 258,000 metric tons
of total CO2e emissions avoided since this cycle of targeted
investment was initiated in 2013, which is equivalent to removing
56,000 cars from roadways. Based on the work currently completed,
it is estimated approximately 57,000 metric tons of CO2e emissions
will continually be avoided on an annual basis.
Consistent with the Company’s overall sustainability focus, the
proposed third phase of Columbia’s modernization program would take
place over seven years and would permit Columbia to incur and
recover an investment of up to US$3 billion without the need to
file additional rate cases.
Columbia intends to commence collaborative settlement
discussions with its shippers, regulators and other stakeholders
later this year in an effort to reach a mutually beneficial
resolution to this filing.
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 INFORMATION
This 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 most recent Quarterly
Report to Shareholders and 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.
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Media Inquiries:Carol Wirth / Paige
Fredrickson403-920-7859 or 800-608-7859
Investor & Analyst Inquiries:David Moneta /
Hunter Mau403-920-7911 or 800-361-6522
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