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TC Energy requests info on renewable energy proposals for its U.S. pipelines

Nia Williams
·1 min read
A TC Energy pump station sits behind mounds of dirt from the Keystone XL crude oil pipeline as it lies idle near Oyen

By Nia Williams

CALGARY, Alberta (Reuters) - Canada's TC Energy on Monday requested information from around 100 renewable development companies to identify wind energy investment opportunities that would generate 620 megawatts of electricity for its U.S. pipeline business.

The capital investment could total about $1 billion, analysts at BMO Capital Markets said in a note.

Calgary-based TC Energy owns North America's largest natural gas pipeline network and operates the Keystone oil pipeline. The company also has a Canadian power business with a 4,200-megawatt capacity, and cited opportunities to grow in that business.

The request for projects in the central United States and Texas is open for four weeks from April 10. TC Energy will invite a shortlist of companies to submit requests for proposal.

"Ultimately, our goal is to leverage our existing asset base to add more renewable generation into our portfolio and the broader market, resulting in a net reduction of emissions across our North American footprint," said Corey Hessen, TC Energy's president of power and storage.

TC Energy is also looking at ways to invest directly in renewable projects, he added.

BMO Capital Markets analyst Ben Pham said TC Energy's intent to procure wind energy to electrify part of its U.S. pipeline business supports its long-term growth targets, and would reduce energy costs.

TC Energy's $9 billion Keystone XL pipeline, which would have been under construction this year, was blocked when U.S. President Joe Biden revoked a key permit on his first day in office.

(Reporting by Nia Williams; Editing by Richard Chang)