TC’s NGTL Natural Gas System Seeking to Rebrand, Attract Indigenous Investors

TC Energy Corp. has added its mammoth natural gas collection grid for Alberta and British Columbia (BC), Nova Gas Transmission Ltd. (NGTL), to a strategy that spreads ownership of its pipeline empire to other investors.

Subsidiary TransCanada Pipelines Ltd. (TCPL), the parent of NGTL, disclosed the plan for the 66-year-old North American gas industry mainstay in an application to the Canada Energy Regulator (CER) for a corporate reorganization.

CER approval, sought by Nov. 1 for a restructuring with a completion target by year’s end, would convert the Western Canada network into NGTL LP. The new entity could recruit investors to obtain minority stakes in the company, namely Canadian Indigenous tribes.

“Reorganization of the NGTL system’s current corporate ownership into...