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TC Energy (TRP) Signs MoU for Clean Energy Projects in Canada

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TC Energy Corporation (TRP - Free Report) signed a memorandum of understanding (MoU) with Irving Oil Limited to explore the development of clean energy projects in Canada.

Both companies identified a series of potential exploration projects focused on decarbonizing existing assets and implementing technologies to reduce emissions. The projects seek to reduce the emission of greenhouse gases (“GHG”) and creating opportunities in New Brunswick and other areas in Atlantic Canada.

TC Energy and Irving Oil have long-term experience in collaborative activities. This includes the development and operation of the Grandview Cogeneration facility, which is a 90-MW low-carbon power plant placed inside the Saint John refinery.

The Grandview Cogeneration plant, which was commissioned in 2004, contributed to significantly reduce the carbon intensity of the Saint John refinery, leading to a reduction in up to 750,000 tons of GHG emissions. Hence, it positioned the facility in the top tier of global refineries.

Per the latest MoU, the partnership will initially focus on upgrade projects at Irving Oil’s refinery in Saint John, New Brunswick. It aims to significantly reduce emissions by the production and use of low-carbon power generation.

The partnership will also explore medium and long-term opportunities, which will support the decarbonization of local industry through the production and delivery of low-emission hydrogen along with a carbon-capture and sequestration network.

The companies will take advantage of their industry knowledge, relationships and infrastructure to reduce GHG emissions, create employment opportunities, and position New Brunswick and Atlantic Canada for growth through clean energy transition.

The scope, time limits and cost estimates of the joint initiatives will be subject to the outcome of feasibility studies and outstanding regulatory procedures. TC Energy, through collaboration with industry partners and by leveraging its valuable infrastructure, can offer significant advances toward the energy future, while providing safe, reliable energy people need daily.

Company Profile & Price Performance

Headquartered in Calgary, AB, TC Energy is a premier natural gas-focused midstream energy service provider. The company is involved in other businesses, including power generation, natural gas storage and crude oil pipelines.

Shares of the company have underperformed the industry in the past six months. Its stock has gained 6.6% compared with the industry’s 9.9% growth.

 

Zacks Investment Research
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Zacks Rank & Stocks to Consider

The company currently carries a Zack Rank #4 (Sell).

Some better-ranked players in the energy space are Ecopetrol S.A. (EC - Free Report) , Schlumberger Limited (SLB - Free Report) and World Fuel Services Corporation , 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 10.5% year over year.

Schlumberger’s earnings for 2021 are expected to rise 44.3% year over year.

World Fuel Services’ earnings for 2021 are expected to grow 58.3% year over year.


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