The update is welcome one for TC Energy, which has been under significant scrutiny from investors and credit rating agencies for its heavy debt load as well as for the spiralling costs of the Coastal Gas Link project, a 670-km pipeline spanning northern B.C. that will carry natural gas to the LNG Canada facility in Kitimat.
In February, TC Energy raised the estimated project price tag to $14.5 billion, up significantly from a previous estimate of $11.2 billion and more than double the initial cost estimate of $6.2 billion. But on Friday, TC Energy executive vice-president Bevin Wirzba said Coastal GasLink is managing the challenges and the project is more than 90 per cent finished. He said the company is maintaining its previously announced completion target and most recent cost estimate.
Completing Coastal GasLink on time is a crucial piece in what is TC Energy's overall strategic plan to reduce its debtload and free up opportunities for growth.
Business Business Latest News, Business Business Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: globeandmail - 🏆 5. / 92 Read more »