CALGARY — TC Energy Corp.'s Southeast Gateway pipeline project in Mexico is on track to come in 11 per cent below budget and should be operational no later than mid-2025, the Calgary-based company said Thursday.
CALGARY — TC Energy Corp.'s Southeast Gateway pipeline project in Mexico is on track to come in 11 per cent below budget and should be operational no later than mid-2025, the Calgary-based company said Thursday.
On a conference call with analysts, CEO François Poirier attributed the lowered cost estimate for Southeast Gateway to"really good project execution," adding that materials and equipment were procured for less than expected. He said the project also benefited from"more efficient construction and civil works activities."
Coastal GasLink — which will transport natural gas from Western Canada to the Shell-led LNG Canada processing and export facility currently being built in Kitimat, B.C. — was one of the largest energy infrastructure projects in recent Canadian history and it encountered a number of construction-related challenges along the way.
On Thursday, Poirier said the company has made significant progress on that front. He said the company reduced its long-term debt by C$7.6 billion in October, using the proceeds from recent asset sales as well as the debt issuance related to the completed spinoff of the company's oil pipelines business, now called South Bow Corp.
The company is predicting a"surge in demand" for natural gas in North America by 2035, due to coal plant retirements, growing electricity consumption from AI and data centres, and increased liquefied natural gas exports.
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