Canadian pipeline giant TransCanada has posted second-quarter net income of $324 million or $67 million better than in the same span in 2007 on energy prices in Western Canada buoying sluggish earnings from 59,000 kilometres of pipelines.
Fresh announcing billion-dollar pipeline projects, TransCanada said things augured well for future earnings after Alaskan legislators voted in favour of giving the company license to build an Alaska pipeline to the South. The Alaskan Senate must still vote, and management said Friday a senatorial go-ahead for the $5.2-billion pipeline is due in August.
In November 2008, the company expects Canada’s National Energy Board to hear its case for a pipeline crossing Western Canadian provincial borders from Northern gas producers.
TransCanada is primed for pipeline costs with over a billion dollars in recent market fundraising.
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