TransCanada Corp. has announced that it earned a Q2 profit of CAN$ 416 million, boosted by the sale of Cancarb Ltd. and its related power plant earlier this year.
The pipeline operator said the profit amounted to 59 cents per share, up from CAN$ 365 million or 52 cents per share a year ago.
Revenue grew to CAN$ 2.23 billion for the quarter, up from CAN$ 2.01 billion in Q2 2013.
TransCanada said higher earnings from its Keystone and Mexican pipelines were more than offset by lower contributions from Western Power and Bruce Power.
“The majority of our business segments performed well over the course of the second quarter and demonstrate the benefits of a diversified and growing portfolio of critical energy infrastructure assets,” TransCanada Chief Executive Russ Girling said in a statement.
“Although weak Alberta power prices and maintenance outages at Bruce Power weighed on second quarter results, both businesses are expected to produce stronger results in the future due to positive Alberta power market fundamentals and higher plant availability at Bruce Power.”
Energy East plans
TransCanada Corp. is close to filing a regulatory application for its Energy East oil pipeline to Atlantic Canada.
The Calgary-based pipeline operator has been busy holding consultations for the CAN$ 12 billion project, which would carry Alberta crude as far east as Saint John, N.B., using a repurposed natural gas pipe for most of the way.
A formal application to the National Energy Board is on track to be filed in the current quarter, said Alex Pourbaix, the executive who oversees TransCanada's growth plans.
"You can expect to see that filing come in really in just a few weeks from us likely," he said.
The company has had about 80 public meetings about Energy East and met with more than 6000 stakeholders. So far, Pourbaix said the message has been positive.
"Most people recognise that there are very significant benefits to this project and very significant benefits to Canada to be able to market its production inside the country as opposed to importing oil to our domestic refineries."
Edited from various sources by Elizabeth Corner
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