CALGARY – TC Energy Corp. announced it is going ahead with a total of about $1.5 billion in capital spending across four new projects.
As part of an investor day presentation, the company says it has sanctioned two projects on its Columbia Gulf System in the U.S. that will help with the coal-to-gas conversion at two existing power plants.
It says it will spend US$400 million on its Pulaski project and US$400 million on its Maysville project. Each project is underpinned by 20-year take-or-pay contracts, with estimated in-service dates in 2029.
TC Energy also says it has sanctioned the US$300 million Southeast Virginia Energy Storage Project which has a targeted in-service date of 2030.
In Ontario, the company says its share of the capital required at an expansion at Bruce Power is about $175 million.
TC Energy completed its spinoff of South Bow Corp., its crude oil pipelines business, as an independent company last month.
This report by The Canadian Press was first published Nov. 19, 2024.
Companies in this story: (TSX:TRP)