Canada’s TC Energy balanced in Q2
Canadian pipeline and infrastructure company TC Energy reported a modest drop in net income in Q2 2021 compared to a year ago, balanced by an equally modest increase in comparable earnings.
Net income in Q2 fell to C$982mn (US$789mn) from C$1.28bn in Q2 2020, but comparable earnings rose to C$1bn from C$863mn.
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“Net income attributable to common shares includes a number of specific items that we believe are significant but not reflective of our underlying operations in the period,” the company said. Those items included costs related to the abandonment of the Keystone XL crude oil pipeline, a gain on the recent sale of gas-fired power plants in Ontario and losses from risk management activities.
Within its quarterly earnings report, TC Energy said it had sanctioned the VR Project on its Columbia Gas system in the US – a US$700mn investment that will, among other components, replace gas-fired compressor with electric-drive units that will “reduce direct carbon dioxide equivalent emissions while addressing growing market demand.”
TC Energy expects to place the VR Project in service in the second half of 2025.