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

TRANSCANADA CORPORATION (TRP)
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TransCanada : secures new natural gas transportation contracts

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12/07/2018 | 11:31am CET

TransCanada Corporation has announced that it has secured 675 000 GJ/d (630 million ft3/d) of new natural gas transportation contracts from the Western Canadian Sedimentary Basin (WCSB) on TransCanadas Canadian Mainline. Its North Bay Junction Open Season resulted in long-term, fixed-priced contracts for service that will reach markets in Ontario, Quebec, the Maritimes and the Northeastern US.

Were pleased to offer an innovative solution on our Canadian Mainline that will benefit customers from Western Canada all the way to the Maritimes, said Tracy Robinson, Executive Vice-President, Canadian Natural Gas Pipelines. It helps WCSB producers compete for market, benefits current customers through greater use of existing capacity on the Mainline, and attracts new customers in the Maritimes.

The Canadian Mainline is a critical piece of energy infrastructure that currently transports approximately 20% of the natural gas produced in the WCSB. The success of the North Bay Junction open season demonstrates the critical role the Canadian Mainline plays linking western Canadian gas supply to eastern North American markets, said Robinson.

Key highlights of the Canadian Mainline North Bay Junction open season:

Firm transportation service to North Bay Junction:

Customers have signed long-term binding contracts of between 10 and 21 years to transport natural gas from the Empress receipt point in Alberta to North Bay Junction (NBJ) in Ontario at a fixed toll of CAN$0.93/GJ.

The service to NBJ can be provided with existing facilities between Empress and NBJ.

Firm transportation service from NBJ to end-use markets:

In addition to firm transportation service to NBJ, customers have also signed 10 to 21 year contracts from NBJ to end-use markets.

Some contracts for service from North Bay to end-use markets will require expansion of compression facilities on the Canadian Mainline system in Eastern Canada at an estimated investment of CAN$250 million.

Targeted in-service dates range from 1 November 2019 to 1 November 2021 depending on expansion facilities required to provide contracted service.

The company intends to initiate the regulatory approval process with the National Energy Board prior to the end of the year.

TransCanada is also in advanced discussions with customers to secure long-term contracts to support an expansion of our interconnected US natural gas pipeline assets.

(c) 2018 Bakhtar News Agency. All rights reserved. Provided by SyndiGate Media Inc. (Syndigate.info)., source Middle East & North African Newspapers

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Financials (CAD)
Sales 2018 13 421 M
EBIT 2018 5 753 M
Net income 2018 3 287 M
Debt 2018 49 346 M
Yield 2018 5,15%
P/E ratio 2018 14,96
P/E ratio 2019 14,07
EV / Sales 2018 7,32x
EV / Sales 2019 6,99x
Capitalization 48 910 M
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Mean consensus OUTPERFORM
Number of Analysts 18
Average target price 62,9  CAD
Spread / Average Target 18%
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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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