CALGARY, Alberta, April 09, 2018 (GLOBE NEWSWIRE) -- Media Advisory – TransCanada Corporation (TSX:TRP) (NYSE:TRP) (TransCanada) today announced its Sundre Crossover Project has been placed into service in central Alberta, increasing the company's capacity to transport natural gas on TransCanada's NOVA Gas Transmission Ltd. (NGTL) System to downstream pipelines and key markets in the Pacific Northwest and California. The Project represents an investment of approximately $100 million, and the new facilities provide additional capacity of 228 million cubic feet of natural gas per day on the NGTL System.
The Sundre Crossover Project involved the construction of approximately 21 kilometres (km) of 42-inch diameter pipeline in Mountain View County, east of the town of Sundre, Alberta. It is part of TransCanada's $7.2 billion commitment of near-term growth capital to the NGTL System that will, subject to regulatory approvals, enable the company to increase its total NGTL System delivery capacity of clean-burning natural gas by 2.5 billion cubic feet per day by 2021.
"The completion of Sundre Crossover is an important development for TransCanada as we continue to expand our system to help our customers connect their resources to the markets where natural gas is needed," said Tracy Robinson, TransCanada's senior vice-president and general manager, Canadian Gas Pipelines. "We continue to focus on connecting WCSB supply to higher value markets, as demonstrated through recent, successful open seasons for incremental export capacity."
Over the course of construction, the Project employed nearly 500 employees and contractors who contributed over approximately 160,000 dedicated hours to complete the project safely and on schedule. In addition, over $4 million was spent in the town of Sundre and surrounding areas during construction. Now that the Project is complete, Mountain View County will receive an estimated $188,000 in additional taxes paid annually during the operation of the pipeline.
Throughout the course of the Project, TransCanada worked closely with landowners and local officials to ensure they were an important part of the development and construction process. The Sundre Crossover Project was designed and constructed with a core focus on safety and minimizing environmental impact.
The NGTL System is an extensive natural gas pipeline system in Western Canada that is comprised of approximately 24,320 km of pipeline and associated facilities.
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.
This publication contains certain information that is forward-looking and is subject to important risks and uncertainties (such statements are usually accompanied by words such as "anticipate", "expect", "believe", "may", "will", "should", "estimate", "intend" or other similar words). Forward-looking statements in this document are intended to provide TransCanada security holders and potential investors with information regarding TransCanada and its subsidiaries, including management's assessment of TransCanada's and its subsidiaries' future plans and financial outlook. All forward-looking statements reflect TransCanada's beliefs and assumptions based on information available at the time the statements were made and as such are not guarantees of future performance. Readers are cautioned not to place undue reliance on this forward-looking information, which is given as of the date it is expressed in this news release, and not to use future-oriented information or financial outlooks for anything other than their intended purpose. TransCanada undertakes no obligation to update or revise any forward-looking information except as required by law. For additional information on the assumptions made, and the risks and uncertainties which could cause actual results to differ from the anticipated results, refer to the Fourth Quarter 2017 Financial Highlights release and 2017 Annual Report filed under TransCanada's profile on SEDAR at www.sedar.com and with the U.S. Securities and Exchange Commission at www.sec.gov.
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