CALGARY — TransCanada Corp. wants to expand its Nova natural gas pipeline system by 2017, which will cost roughly $2.7 billion.
© TransCanada Corporation
The pipeline carries about three-quarters of the gas produced in the Western Canada Sedimentary Basin, but TransCanada says demand for capacity has increased.
The Calgary-based company says it plans multiple projects so it can also carry more gas from unconventional sources in northwest Alberta and northeast British Columbia to markets in Canada and the United States.
TransCanada will require regulatory approval and says it plans to file applications for various parts of the project with the National Energy Board between now and the third quarter of 2015.
Its aiming to begin construction in 2016 and have all the changes in service by the second quarter of 2017.
The company also announced it will take the next step in updating its natural gas infrastructure in southern ontario in the Toronto and Hamilton areas.
The pipeline and facility expansions within the so-called Eastern Triangle portion of TransCanadas Canadian Mainline system are expected to cost about $475 million.
The company made the announcements shortly before it reported a third-quarter profit of $457 million or 64 cents per share on $2.45 billion in revenue. That compared with a profit of $481 million or 68 cents per share on $2.20 billion in revenue a year ago.
On a comparable basis, the company said it earned $450 million or 63 cents per share for its latest quarter, up from $447 million or 63 cents per share a year ago.
