TC Energy Corporation ( TRP Quick Quote TRP - Free Report) plans to invest in renewable energy and expand its wind power business as energy transition takes hold of the entire oil and gas industry. Notably, the company intends to invest $1 billion in renewables and clean energy.
The Calgary-based pipeline operator issued a request for information (“RFI”) to gather information regarding wind energy potential from 100 power-generation companies that would generate 620 megawatts (MW) of zero-carbon power for its pipeline business in the United States. The RFI is a big move toward accomplishing the company’s diversification strategy and address the power needs for its pipeline assets across the U.S. corridor.
TC Energy considers its renewable-power business as a growth opportunity as its renewable plans are expected to reduce energy costs and support its long-term growth targets. Also, it would reduce the environmental impact of the company, which equals nearly two million tonnes of carbon dioxide per year.
TC Energy, which has the biggest natural gas pipeline system in North America, also sees adequate opportunities in its natural gas business and plans to expand it for the continuously evolving energy transition. The company has a Canada-based power business, which has a power-generation capacity of 4,200 MW. Most importantly, TC energy has plenty of opportunities to grow and expand its renewable business.
The company is actively assessing opportunities to invest in renewable projects. It aims to utilize its existing asset base to add more renewable energy generation into its portfolio and the broader market. Notably, this will lead to a reduction in emissions across the North America footprint.
Headquartered in Calgary, AB, TC Energy is a premier natural gas-focused midstream energy service provider. The company is also involved in other businesses, including power generation, natural gas storage and crude oil pipelines.
Zacks Rank & Stocks to Consider
The company currently carries a Zack Rank #3 (Hold).
Some better-ranked players in the energy space are
Ecopetrol S.A. ( EC Quick Quote EC - Free Report) , Devon Energy Corporation ( DVN Quick Quote DVN - Free Report) and Whiting Petroleum Corporation ( WLL Quick Quote WLL - Free Report) , each currently carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here .
Ecopetrol’s earnings for 2021 are expected to increase 27% year over year.
Devon’s earnings for 2021 are expected to increase 30.7% year over year.
Whiting Petroleum’s earnings for 2021 are expected to increase 6.1% year over year.
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