Tran­sCanada CEO says no firm time­lines yet

Cape Breton Post - - Business -

CALGARY - Tran­sCanada Corp. ( TSX:TRP) is still not pre­pared to of­fer a firm time­line for the com­ple­tion of the Key­stone XL pipe­line, its top ex­ec­u­tive said on Fri­day, even after U.S. Pres­i­dent Don­ald Trump granted the project a per­mit in March. Tran­sCanada CEO Russ Gir­ling said that both the pro­posed Key­stone XL and En­ergy East projects, which are fiercely op­posed by many en­vi­ron­men­tal­ists, sit in the com­pany’s longer-term bucket be­cause of the dif­fi­culty of get­ting them done.

“We’ve been at them for a long time, so it’s hard to say with any cred­i­bil­ity that we’re go­ing to get it done by a date,’’ he told the com­pany’s an­nual gen­eral meet­ing. Gir­ling said Tran­sCanada will in­stead look to its mul­ti­tude of projects in the $500 mil­lion to $1 bil­lion dol­lar range - which he said are are much eas­ier to per­mit - to help de­liver its pro­jected eight to 10 per cent div­i­dend growth through the rest of the decade. “What’s driv­ing our growth and the fo­cus of the com­pany is the $23 bil­lion of things that we’ve got un­der con­struc­tion, and the or­ganic growth that’s nat­u­rally go­ing to come from that ac­tiv­ity,’’ he said.

The cau­tious ap­proach comes even as Key­stone XL looks more pos­si­ble than it has in years given Trump’s sup­port. Trump’s pre­de­ces­sor, Barack Obama, re­jected the project in 2015 after en­vi­ron­men­tal­ists ar­gued it would spur the de­vel­op­ment of Al­berta’s oil sands and worsen cli­mate change.

Newspapers in English

Newspapers from Canada

© PressReader. All rights reserved.