CALGARY, ALBERTA--(Marketwired - Jul 23, 2014) - TransCanada Corporation (TRP.TO) (TRP) (TransCanada) today announced that the Alberta Energy Regulator has approved TransCanada's application to construct and operate the Northern Courier Pipeline Project (Northern Courier).
"We are pleased that the Alberta Energy Regulator has approved Northern Courier, which will be a critical piece of infrastructure to support the long-term plans for growth and increased production from the Alberta oil sands," said Russ Girling, TransCanada's president and chief executive officer. "We currently expect construction on Northern Courier to begin in the third quarter of 2014, with it being ready for service by 2017."
TransCanada was selected by Fort Hills Energy LP to design, build, own and operate the $800 million Northern Courier Pipeline Project, which is fully contracted under a long-term agreement. The approximately 90-kilometre (56-mile) pipeline system will transport bitumen and diluent products between the Fort Hills mine and bitumen extraction facility and Suncor's East Tank Farm, located north of Fort McMurray, Alberta. Northern Courier will consist of a 24-inch diameter insulated steel pipeline to transport bitumen, and a 12-inch diameter steel pipeline to transport diluent.
Northern Courier is an important component of TransCanada's capital growth plan, which includes $38 billion of commercially secured projects expected to be completed by the end of the decade. Of these, $3.5 billion in projects are planned to expand TransCanada's liquids pipeline network in the province of Alberta, including the proposed Grand Rapids and Heartland pipeline projects, and new storage terminal facilities at Hardisty and in Alberta's Industrial Heartland region northeast of Edmonton. We are committed to ensuring all of these projects are built and operated safely, responsibly and with minimal environmental impact. These projects are supported by strong market fundamentals and underpinned by long-term contracts or the revenue stability of regulated business models.
For more information about Northern Courier, visit: www.transcanada.com/northern-courier-pipeline-project.html
With more than 60 years' experience, TransCanada is a leader in the responsible development and reliable operation of North American energy infrastructure including natural gas and oil pipelines, power generation and gas storage facilities. TransCanada operates a network of natural gas pipelines that extends more than 68,500 kilometres (42,500 miles), tapping into virtually all major gas supply basins in North America. TransCanada is one of the continent's largest providers of gas storage and related services with more than 400 billion cubic feet of storage capacity. A growing independent power producer, TransCanada owns or has interests in over 11,800 megawatts of power generation in Canada and the United States. TransCanada is developing one of North America's largest oil delivery systems. TransCanada's common shares trade on the Toronto and New York stock exchanges under the symbol TRP. For more information visit: www.transcanada.com or check us out on Twitter @TransCanada or http://blog.transcanada.com.
FORWARD LOOKING INFORMATION
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 Quarterly Report to Shareholders dated May 1, 2014 and 2013 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.