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MarketScreener Homepage  >  Equities  >  Toronto Stock Exchange  >  TransCanada Corporation       CA89353D1078

TRANSCANADA CORPORATION

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Enbridge puts Tex-Mex Valley Crossing natgas pipe into service

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11/02/2018 | 12:45pm EDT

(Reuters) - Enbridge Inc said on Friday its $1.6 billion Valley Crossing natural gas pipeline from Texas to Mexico entered service on Oct. 31.

The 165-mile (266-km) Valley Crossing project is designed to carry up to 2.6 billion cubic feet per day (bcfd) of gas from Texas to help Mexico meet growing demand for power generation as utilities there shift away from plants powered by fuel oil and imported liquefied natural gas.

One billion cubic feet is enough to fuel about five million U.S. homes for a day.

Valley Crossing connects in the Gulf of Mexico with the Sur de Texas-Tuxpan pipeline, which runs roughly 500 miles in Mexico. It is the biggest gas pipe between the two countries.

Sur de Texas-Tuxpan was built by Infraestructura Marina del Golfo, S. de R.L. de CV (Marina). Marina is a joint venture between TransCanada Corp and Sempra Energy IEnova unit.

Valley Crossing has been under construction since April 2017, according to the Enbridge website.

There are already about 20 pipelines that can move natural gas from the United States to Mexico with a total capacity of around 10.9 bcfd, according to U.S. energy data.

Energy analysts have said, however, that constraints on the Mexican side of the border have so far limited a big increase in U.S. pipeline exports to Mexico.

(Reporting by Scott DiSavino; Editing by James Dalgleish)

Stocks mentioned in the article
ChangeLast1st jan.
ENBRIDGE INC -0.24% 50.38 Delayed Quote.19.08%
SEMPRA ENERGY 0.24% 131.5 Delayed Quote.21.25%
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Financials (CAD)
Sales 2019 14 343 M
EBIT 2019 6 778 M
Net income 2019 3 789 M
Debt 2019 50 661 M
Yield 2019 4,55%
P/E ratio 2019 16,12
P/E ratio 2020 16,02
EV / Sales 2019 7,75x
EV / Sales 2020 7,49x
Capitalization 60 492 M
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Mean consensus OUTPERFORM
Number of Analysts 20
Average target price 64,5  CAD
Spread / Average Target -1,5%
EPS Revisions
Managers
NameTitle
Russell K. Girling President, CEO & Non-Independent Director
Siim Alden Vanaselja Chairman
Donald R. Marchand CFO & Executive VP-Corporate Development
Steven Barry Jackson Independent Director
Kevin E. Benson Independent Director
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