TransCanada’s Mountaineer XPress project placed into service, Gulf XPress reaches partial in-service
01 March 2019 - 11:30PM
TransCanada Corporation (TSX: TRP) (NYSE: TRP) (TransCanada) today
announced the Federal Energy Regulatory Commission (FERC) has
approved the full in-service of its Mountaineer XPress (MXP)
project, allowing the company to increase the flow of gas on MXP
and begin operating its Gulf XPress (GXP) project. The projects are
a vital link between Appalachian natural gas supplies and growing
markets in the U.S. and beyond.
“Mountaineer XPress and Gulf XPress are extremely important to
TransCanada as they provide much-needed takeaway capacity for our
customers, while also growing our extensive footprint in the
Appalachian Basin,” said TransCanada President and Chief Executive
Officer Russ Girling. “Both projects will also deliver attractive
long-term returns and stable cash flow for our
shareholders.”
Designed to deliver clean, affordable, domestically produced
natural gas, MXP is comprised of 170 miles of 36-inch-diameter
pipeline, three new compressor stations, and modifications to three
existing compressor stations – representing an investment of
approximately US$3.2 billion. The pipeline is capable of
transporting 2.7 billion cubic feet of natural gas per day to the
TCO Pool and Leach markets on the Columbia Gas Transmission System.
MXP is underpinned by long-term contracts with customers.
Partial in-service of the approximately US$600-million GXP
project includes placing into service four new compressor stations
located in Kentucky, Tennessee and Mississippi. Together, these
facilities will provide additional capacity of 530,000 million
cubic feet of natural gas per day on the Columbia Gulf Transmission
System, which equates to approximately 60 percent of the project’s
total capacity. GXP is also underpinned by long-term contracts with
customers and is expected to be placed into full service in the
coming weeks.
Since 2015, representatives of MXP and GXP have worked closely
with federal regulators, landowners and numerous state and local
officials to ensure they were a part of the process from
construction to completion. The projects created significant job
opportunities and will generate millions of dollars in taxes and
other economic benefits for the counties they cross into the
future.
With more than 65 years' experience, TransCanada is a leader in
the responsible development and reliable operation of North
American energy infrastructure including natural gas and liquids
pipelines, power generation and gas storage facilities. TransCanada
operates one of the largest natural gas transmission networks that
extends more than 92,600 kilometres (57,500 miles), connecting
major gas supply basins to markets across North America.
TransCanada is a leading provider of gas storage and related
services with 653 billion cubic feet of storage capacity. A large
independent power producer, TransCanada currently owns or has
interests in more than 6,600 megawatts of power generation in
Canada and the United States. TransCanada is also the developer and
operator of one of North America’s leading liquids pipeline systems
that extends approximately 4,900 kilometres (3,000 miles),
connecting growing continental oil supplies to key markets and
refineries. TransCanada’s common shares trade on the Toronto and
New York stock exchanges under the symbol TRP. Visit
TransCanada.com to learn more, or connect with us on social
media.
FORWARD-LOOKING INFORMATION
This publication 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 TransCanada
security holders and potential investors with information regarding
TransCanada and its subsidiaries, including management's assessment
of TransCanada's and its subsidiaries' future plans and financial
outlook. All forward-looking statements reflect TransCanada's
beliefs and assumptions based on information available at the time
the statements were made and as such are not guarantees of future
performance. Readers are cautioned not to place undue reliance on
this forward-looking information, which is given as of the date it
is expressed in this news release, and not to use future-oriented
information or financial outlooks for anything other than their
intended purpose. TransCanada undertakes no obligation to update or
revise any forward-looking information except as required 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 Fourth Quarter 2018 Financial
Highlights release and 2018 Annual Report filed under TransCanada's
profile on SEDAR at www.sedar.com and with the U.S. Securities and
Exchange Commission at www.sec.gov.
Media Enquiries:Grady Semmens403.920.7859 or
800.608.7859
Investor & Analyst Enquiries:David Moneta /
Duane Alexander403.920.7911 or 800.361.6522
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