2019-07-31 13:25:00
TC ENERGY SELLS $2.87 BLN
TC Energy , July 30, 2019 - TC Energy Corporation (TSX:TRP) (NYSE:TRP) (TC Energy) announced today that it has entered into an agreement through its wholly-owned subsidiary, TransCanada Energy Ltd., to sell interests in three Ontario natural gas-fired power plants to a subsidiary of Ontario Power Generation Inc., for approximately $2.87 billion. The facilities include the 683-megawatt Halton Hills power plant, the 900-megawatt Napanee generating station which is nearing completion and TC Energy's 50 per cent interest in the 550-megawatt Portlands Energy Centre. The transaction is expected to close in late 2019 subject to a number of closing conditions which include regulatory approvals and Napanee reaching commercial operations as outlined in the agreement.
"The sale of these facilities is part of our ongoing efforts to maximize value for our shareholders and fund our industry-leading secured growth program in a disciplined manner," said Russ Girling, TC Energy President and Chief Executive Officer. "We continue to be a significant private sector power generator in Canada and are committed to the ongoing multi-billion-dollar life-extension program at the Bruce Power nuclear facility in Ontario. In addition, we remain interested in new low-risk investment opportunities in the electricity sector within our core North American markets."
When combined with the Coolidge, Northern Courier and U.S. Midstream asset monetizations, TC Energy now expects to realize approximately $6.3 billion from portfolio management activities in 2019 that will be used to help fund its near-term capital program and further strengthen its financial position.
"Looking forward, we expect our strong operating and financial performance to continue as we are well-positioned to fund our $30 billion secured capital program with a focus on per share measures and in a manner consistent with achieving targeted credit metrics in 2019 and thereafter," Girling added.
Following the sale of these three facilities, TC Energy's portfolio of high-quality, long-life energy infrastructure assets will include investments in six low-emission natural gas-fired power plants and the Bruce Power nuclear facility, resulting in a combined generating capacity of approximately 4,200 megawatts. Bruce Power, which provides Ontario with over 30 per cent of its electricity, is undertaking a life-extension program that will see TC Energy invest approximately $2.2 billion by 2023 with the potential for another $6.0 billion ($2018) under a long-term agreement with the Ontario Independent Electricity System Operator.
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Earlier:
2019, July, 4, 15:55:00
TC ENERGY SELLS U.S.: $1.275 BLN
TC Energy Corporation (TSX:TRP) (NYSE:TRP) (TC Energy) announced that it has entered into an agreement to sell its U.S. midstream assets held by its subsidiary, Columbia Midstream Group, to UGI Energy Services, LLC, a subsidiary of UGI Corporation (NYSE: UGI), for approximately US$1.275 billion (Cdn$1.7 billion). The transaction is expected to close in the third quarter of 2019 subject to closing adjustments and customary regulatory approvals.
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2019, May, 5, 10:55:00
TRANSCANADA CHANGED NAME TO TC ENERGY
We changed the name of our company from TransCanada to TC Energy, following the approval of our shareholders at our Annual and Special Meeting of Shareholders on May 3, 2019.
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2019, May, 4, 11:20:00
TRANSCANADA'S NET INCOME $1 BLN
TransCanada Corporation (TSX, NYSE: TRP) (TransCanada or the Company) announced net income attributable to common shares for first quarter 2019 of $1.004 billion or $1.09 per share compared to net income of $734 million or $0.83 per share for the same period in 2018.
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