The Globe and Mail reports in its Thursday edition that TransCanada is planning to drop "Canada" from its name to reflect its growing focus on the United States and Mexico, a move that is raising concerns in Alberta about its long-term commitment to Calgary as a head office.
The Globe's Shawn McCarthy writes that the pipeline company -- which now earns more than half of its profits from its U.S. operations -- said that it will rename itself TC Energy, given its expanded footprint after a $13-billion (U.S.) acquisition of Columbia Pipeline Group Inc. in the United States and major investments in Mexico. TransCanada chief executive officer Russ Girling announced the proposed name change while visiting Mexico City to meet with company employees there.
Mr. Girling said in a statement that the new name "will help to further unite our employees and enable us to better connect with our diverse stakeholders." The name-change announcement comes as industry executives in Calgary express frustration over the investment climate in Canada. The lack of sufficient pipeline capacity led the Alberta government to impose production cuts on oil companies. TranCanada's name change is subject to shareholder approval.
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