CALGARY, Alberta, March 20, 2018 (GLOBE NEWSWIRE) — Media Advisory — TransCanada Corporation (TSX:TRP) (NYSE:TRP) (TransCanada) today announced that it has successfully completed its second binding expansion capacity Open Season at the Empress/McNeill Export Delivery Point on its NOVA Gas Transmission Ltd. (NGTL) System in 2018. NGTL offered 280 million cubic feet per day of firm service, targeted to commence in November 2021. The Open Season closed on March 15, 2018, and was oversubscribed, with an average awarded contract term of approximately 22 years.
This capacity offering follows a successful Open Season held in January 2018 for 1.0 Bcf/d of expansion capacity at the same delivery point, with service commencing between November 2020 and April 2021, and underpinning a recently announced $2.4 billion NGTL System expansion. This earlier Open Season was also oversubscribed, and industry had expressed strong interest for additional market access.
"The success of this Open Season reinforces the critical role that the NGTL System plays to transport clean-burning natural gas out of the Western Canadian Sedimentary Basin and expand market connectivity for producers," said Tracy Robinson, TransCanada's senior vice president, Canada Gas Pipelines. "We are committed to working collaboratively with industry and providing competitive options to connect growing basin supply to downstream markets across North America."
NGTL is working to finalize the scope of expansion facilities required to meet the incremental service requirements resulting from this Open Season, and anticipates an expansion investment of approximately $120 million. Any expansion facilities will be in addition to NGTL's existing capital expansion programs totalling approximately $7.2 billion.
With more than 65 years' experience, TransCanada is a leader in the responsible development and reliable operation of North American energy infrastructure including natural gas and liquids pipelines, power generation and gas storage facilities. TransCanada operates one of the largest natural gas transmission networks that extends more than 91,900 kilometres (57,100 miles), tapping into virtually all major gas supply basins in North America. TransCanada is a leading provider of gas storage and related services with 653 billion cubic feet of storage capacity. A large independent power producer, TransCanada currently owns or has interests in approximately 6,100 megawatts of power generation in Canada and the United States. TransCanada is also the developer and operator of one of North America's leading liquids pipeline systems that extends approximately 4,900 kilometres (3,000 miles), connecting growing continental oil supplies to key markets and refineries. TransCanada's common shares trade on the Toronto and New York stock exchanges under the symbol TRP. Visit TransCanada.com to learn more, or connect with us on social media and 3BL Media.
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