TransCanada Corp. last week reported 4Q2007 net income about 27% higher than the year-ago period and full-year net income that was about 5% greater than in 2006.
"TransCanada's strong financial performance in the fourth quarter and throughout 2007 is a result of solid contributions from our existing assets and the growing cash flow and earnings from newly acquired and developed assets such as the ANR pipeline system [see NGI, Feb. 26, 2007] and the Edson gas storage facility in Alberta," said CEO Hal Kvisle.
The company reported net income for 4Q2007 of C$377 million (C70 cents/share) compared to C$269 million (C55 cents/share) for 4Q2006. Net income for 2007 was C$1.223 billion (C$2.31/share), compared to net income of C$1.079 billion (C$2.21/share) for 2006.
In November the company filed a nonroutine application with the Alberta Energy and Utilities Board for a North Central Corridor pipeline expansion of the Alberta System (see NGI, Nov. 26 2007). The project would provide capacity needed to address increasing gas supply in northwest Alberta, declining gas supply in northeast Alberta, growing intra-Alberta markets resulting largely from increased oilsands development and reduced delivery capability to interconnecting pipelines at the Alberta-Saskatchewan border.
Also in November, TransCanada submitted an application for a license to construct an Alaska gasline project under the state's Alaska Gasline Inducement Act (AGIA). On Jan. 4 Alaska officials said TransCanada had submitted the only complete AGIA application and that it would be advancing to the public comment stage (see NGI, Jan. 7).
And the company's Broadwater Energy LLC achieved a milestone on Jan. 11 as the Federal Energy Regulatory Commission issued its final environmental impact statement for the Broadwater liquefied natural gas terminal project in Long Island Sound between New York and Connecticut (see NGI, Jan. 14).
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