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TC Energy (TRP) to Develop RNG Plant at Jack Daniel Distillery

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TC Energy (TRP - Free Report) recently announced an investment of $29.3 million for the development of a renewable natural gas (RNG) production facility near the Jack Daniel Distillery in Lynchburg, TN to make RNG.

The facility, owned by Lynchburg Renewable Fuels LLC and being developed by 3 Rivers Energy Partners LLC, once operational in 2024, will be responsible for breaking down a by-product of Jack Daniel’s distilling process to produce methane gases recovered as biogas.

A biogas upgrade plant will then do away with contaminants to produce pipeline-quality RNG, which will be directly linked to a local natural gas utility. Moreover, liquid fertilizer will be produced in the process, which will be stored and distributed to meet the local agricultural demand.

TRP has been transporting renewable fuels since 2002. With the current capacity to move more than 30 billion cubic feet annually, TC Energy will market the entire RNG produced at the Jack Daniel facility. TRP and 3 Rivers Energy Partners have committed to developing future RNG projects in collaboration.

Corey Hessen, TC Energy’s executive vice president and president of power & energy solutions, stated that this investment is the company’s first in the production of RNG. “The production of RNG onsite at the Jack Daniel Distillery offers TC Energy one more opportunity to meet the challenge of growing energy needs and reducing emissions while providing customers with access to an affordable, reliable source of energy,” he added.

TC Energy Corporation is a premier energy infrastructure provider in North America. Established in 1951, the company is primarily focused on natural gas transmission through its 57,500-mile network of pipelines in Canada, the United States and Mexico. TRP is also involved in other businesses, including power generation, natural gas storage and crude oil pipelines.

TC Energy currently has a Zacks Rank #4 (Sell).

Some better-ranked stocks from the energy space that warrant a look include Vista Oil & Gas (VIST - Free Report) , TotalEnergies (TTE - Free Report) and Liberty Energy (LBRT - Free Report) , each sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

The Zacks Consensus Estimate for Vista’s 2022 earnings is pegged at $3.14 per share, which indicates an increase of 481.5% from the year-ago earnings of 54 cents.

The consensus estimate for VIST’s 2022 earnings has been revised 30.1% upward over the past 60 days.

Estimates for TotalEnergies’ 2022 earnings are pegged at $14.66 per share, up about 119.5% from the year-ago earnings of $6.68.

TTE beat the Zacks Consensus Estimate for earnings in all the trailing four quarters, the average being around 14.6%.

The Zacks Consensus Estimate for Liberty’s 2022 earnings is pegged at $1.79 per share, up about 275.5% from the year-ago loss of $1.02.

LBRT beat the consensus mark for earnings in two of the trailing four quarters, the average being around 31.7%.

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