TransCanada Corp. changed its name at its annual meeting in Calgary, but its hotly contested Keystone XL oil export pipeline project remains blocked by marathon regulatory and court cases in the United States.
Effective immediately, the company has been renamed TC Energy Corp. in English, TC Énergie in French and TC Energia in Spanish, following a shareholder vote in favor of the switch announced in January. The company's trading symbol on the Canadian and U.S. stock exchanges remains unchanged as TRP.
In 1Q2019 financial statements, TC reported U.S. federal court cases over the Keystone XL project remain undecided, including added legal disputes that broke out in response to a new permit issued by President Donald Trump. The project will miss the 2019 construction season, TC told shareholders.
A target date has only emerged for a ruling in one state case. TC predicted the Nebraska Supreme Court would make a decision in 2Q2019 on an appeal that protested a route approval for the Keystone XL leg across the state by its public service commission.
Last month, Federal regulators in Canada approved TC’s C$409 million ($307 million) project designed to increase natural gas deliveries to the western United States and southern Alberta by 275 MMcf/d.
The National Energy Board (NEB) approved the West Path Delivery Project , which will add to Nova Gas Transmission Ltd. (NGTL), TC's supply collection and delivery network in Alberta and British Columbia.