TC Energy, a Canadian pipeline and gas company, announced on Friday a net profit of $1.2 billion (810 million euros) for the first quarter of the year, slightly lower than last year’s result.
During the period ending on March 31, 2023, the Canadian group’s net profit was $1.3 billion.
In a statement, TC Energy emphasized the “strong demand” for transport capacity in the Keystone network, which connects Canada and the United States, during the first three months of the year.
“The operational reliability of the Keystone pipeline network was 96% during the first quarter of 2024,” the company stated, adding that infrastructure projects totaling “approximately $7 billion are expected to be commissioned in 2024.”
In western Canada, the controversial Coastal GasLink pipeline, which spans 670 km and transports natural gas to the LNG Canada coastal terminal, was completed last fall after five years of work.
But the company indicated on Friday that its commercial operation will only take place “once the commissioning work is completed at the LNG Canada plant” in Kitimat, British Columbia.
This new pipeline and the coastal terminal are expected to enable Canadian natural gas to be exported to global markets, including those in Asia.
Based in Calgary, TC Energy noted that the profit from its Canadian pipelines increased by $90 million Canadian in the first quarter compared to the same period in 2023.
The company also clarified that the offshore pipeline installation of its Southeast Gateway pipeline project in Mexico was “over 70% complete.”
This pipeline, which will supply the southeast of Mexico, was scheduled to enter service “in mid-2025.” Its cost is estimated at $4.5 billion.