TransCanada: Energy East Is Off the Board
On Thursday, TransCanada announced the termination of its proposed Energy East crude pipeline project. The decision is consistent with our view. To date, the company has spent CAD 800 million of the total CAD 16 billion project. We do not expect any recoveries from third parties and expect the company to take a minor impairment.Even though the Energy East would have provided the optionality of moving western Canadian supply to the U.S. Gulf Coast, we believe the route was less than ideal. Trans...
TransCanada is an energy company. Co. operates three business segments: natural gas pipeline, which transports natural gas across Canada, the U.S. and Mexico, and has regulated natural gas storage facilities in Michigan with a total capacity of 250 billion cubic ft.; liquids pipelines, which consists of wholly-owned and operated crude oil pipeline systems that connects Alberta and U.S. crude oil supplies to U.S. refining markets, as well as connecting U.S. crude oil supplies from the Cushing, OK hub to refining markets in the U.S Gulf Coast; and energy, which includes a portfolio of power generation assets in Canada and the U.S., and unregulated natural gas storage assets in Alberta.
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