TC Energy announces US$0.8 billion WR Project
05 November 2021 - 10:00PM
News Release – TC Energy Corporation (TSX, NYSE: TRP) (TC Energy)
announced today that it has approved its WR Project (the Project),
a set of projects anticipated to constitute a total capital
investment of approximately US$0.8 billion. The Project is designed
to increase base system reliability and expand an existing portion
of the ANR Pipeline Company (ANR) system to serve markets in the
midwestern U.S., while lowering emissions by approximately 30,000
metric tons CO2e (carbon dioxide equivalent) per year – the
equivalent to removing more than 6,500 passenger vehicles from the
road annually.
By expanding its system, ANR will be able to
provide up to an incremental 157,000 dekatherms per day of natural
gas capacity to local area distribution and electric generation
companies in markets that have recently announced significant coal
fired and vintage gas generation retirements. ANR has secured
long-term firm transportation agreements to meet energy demand in
the Midwest, which helped support TC Energy's approval of the
Project. The Project’s facilities include, in part, the
installation of electric motor compressors with fuel switching
capabilities for additional reliability to replace existing natural
gas-powered compressor units along ANR’s system.
“The electrification of horsepower for the Project
is expected to result in approximately 43 percent reduction in
carbon dioxide equivalent emissions at the source with full
utilization of the electric drive units — consistent with TC
Energy’s approach to optimize our existing footprint with more
sustainable infrastructure while improving reliability and
organically growing our business along our existing corridor,” said
François Poirier, TC Energy’s President and Chief Executive
Officer.
Planned further conversion of natural gas to
electric motor compressors in the coming years is expected to
continue the trend of minimizing emissions from our natural gas
transmission and storage facilities.
The WR Project is expected to be brought in service
in the fourth quarter of 2025.
About TC EnergyWe 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 liquids pipelines, along with
power generation and storage facilities, wherever life happens —
we’re there. Guided by our core values of safety, innovation,
responsibility, collaboration and integrity, our 7,500 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 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.
-30-
Media Inquiries:Jaimie
Hardingmedia@tcenergy.com 403-920-7859 or 800-608-7859
Investor & Analyst
Inquiries:David Moneta / Hunter
Mauinvestor_relations@tcenergy.com403-920-7911 or 800-361-6522
PDF
available: http://ml.globenewswire.com/Resource/Download/4517a130-2434-44e1-a464-f759c5fbee39
TC Energy (TSX:TRP)
Historical Stock Chart
From Mar 2024 to Apr 2024
TC Energy (TSX:TRP)
Historical Stock Chart
From Apr 2023 to Apr 2024