17:09:18 EDT Fri 09 Jun 2023
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TC Energy Corp
Symbol TRP
Shares Issued 983,424,486
Close 2022-06-22 C$ 66.52
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Globe says TC Energy, rival hear TMX now unprofitable

2022-06-23 06:54 ET - In the News

Also In the News (C-ENB) Enbridge Inc

The Globe and Mail reports in its Thursday edition that Parliamentary Budget Officer Yves Giroux says in a new report that the Trans Mountain pipeline expansion project is no longer projected to be profitable because of construction delays and higher costs. The Globe's Bill Curry writes that the Liberal government purchased the expansion project in 2018 from Kinder Morgan Canada at a cost of $4.4-billion. The purchase has frequently been criticized by environmentalists and the federal NDP as contrary to the Liberals' stated desire to reduce Canada's carbon emissions. A 2020 report by the PBO projected that once in operation, the government would be able to sell the project at about a $600-million profit. Wednesday's report said that forecast has since shifted to a projected $600-million loss. The PBO states, "Based on the new developments since the previous report, specifically the increased construction costs and the delay in the in-service date, PBO finds that the government's 2018 decision to acquire, expand, operate, and eventually divest of the Trans Mountain assets will result in a net loss for the federal government." Alberta Energy Minister Sonya Savage says Canada's energy sector needs the pipeline.

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