TC Energy selling 40 per cent stake in Columbia gas and gulf pipelines
TC Energy Corp. is selling 40 per cent of its Columbia Gas Transmission and Columbia Gulf Transmission systems to New York City-based Global Infrastructure Partners for $5.2 billion.
The Calgary-based company says in a press release it will continue to operate the pipelines, while both companies will jointly fund annual maintenance, modernization and growth to further capacity and reliability.
It says it expects Global Infrastructure Partners' share of capital expenditures to average more than $1.3 billion annually over the next three years.
The pipelines span more than 24,000 kilometres across North America, delivering a substantial portion of daily U.S. natural gas demand, including approximately 20 per cent of U.S. liquefied natural gas (LNG) export supply.
TC Energy president and CEO Francois Poirier says the sale marks a ``major milestone'' in achieving the company's 2023 strategic priorities, which includes divesting more than $5 billion in assets by the end of the year.
He adds the partnership with Global Infrastructure Partners will help TC Energy work toward the energy transition while improving its balance sheet.
This report by The Canadian Press was first published July 24, 2023.
CTVNews.ca Top Stories
Hackers release corporate data stolen from London Drugs
Retailer London Drugs says cybercriminals who stole files from its corporate head office last month have released some of the data after it refused to pay a ransom.
Toronto man falls off his chair after seeing $70M Lotto Max win in his bank account
A Toronto man who won $70 million in a recent Lotto Max draw literally fell off his chair when he saw the funds in his bank account.
Montreal-area high school students protest 'sexist' dress code
Approximately 50 Montreal-area students — the vast majority of them female — were suspended Wednesday after their school deemed the shorts they were wearing were too short. On Thursday, several students staged a walk-out to protest what they believe is a "sexist" dress code that unfairly targets girls.
McDavid scores in 2OT to lift Oilers over Stars in West Final opener
Connor McDavid tipped Evan Bouchard's shot from the boards past Dallas Stars goalie Jake Oettinger 32 seconds into the second overtime to give the Edmonton Oilers a 3-2 win in Game 1 of the Western Conference Final..
'Looking over our shoulders': A killing looms large in a little B.C. town
Something shifted in the pretty little village of Lumby, B.C., after Tatjana Stefanski vanished. It used to be the sort of place where parents let their kids roam free or play in the local creek, but everything has changed.
What is 'slapped cheek disease' and should parents be concerned?
Despite its rough name, experts say most cases of 'slapped cheek disease' are mild and not a cause for concern.
American Airlines retreats after blaming a 9-year-old for not seeing a hidden camera in a lavatory
American Airlines has distanced itself from a court filing in which the carrier said a nine-year-old girl should have noticed there was a camera taped to the seat of an airplane lavatory.
Unknown Newfoundland soldier from the First World War heads back home from France after 100 years
Canadian soldiers and government officials arrived in northeastern France this week for a historic mission: returning an unknown Newfoundland soldier back home.
Calgary Philharmonic takes action following investigation into 'deeply troubling' comments by 2 musicians
The Calgary Philharmonic has confirmed its taking action after controversial online comments made by two members of the orchestra.