Topic: How To Invest

The Successful Investor Hotline – Friday, October 6, 2017

Article Excerpt

TRANSCANADA CORP., $61.75, Toronto symbol TRP, announced this week that it will scrap its Energy East project. That $15.7-billion plan involved converting part of the company’s Mainline natural gas line to handle oil. TransCanada would have used the converted pipeline to pump crude from Alberta to refineries in Quebec and New Brunswick. Energy East faced strong political opposition, particularly in Quebec. In addition, the National Energy Board recently broadened the scope of its review to include Energy East’s impact on greenhouse gas emissions, including the extraction and processing of crude oil before it’s shipped on the pipeline. TransCanada has no control over these activities. The company has also cancelled its proposed Eastern Mainline pipeline. It was to have pumped natural gas in southeastern Ontario between the City of Markham and the Township of Edwardsburgh/Cardinal. As a result of the cancelled plans, TransCanada will have to write off the funds it has already spent on the two projects. It will record a $1.0 billion…