In its quarterly financial earnings report Friday, TransCanada announced that over the next three years, it expects to complete $13 billion worth of projects that are currently in the advanced stages of development. They include the restart of two reactors at Bruce Power, the Gulf Coast Project, Keystone XL, the Tamazunchale extension, Canadian Solar and the ongoing expansion of the Alberta System.
During the latter half of Q2 2012, TransCanada continued to advance the US$2.3 billion Gulf Coast Project. The 36-inch pipeline, which will extend from Cushing, Oklahoma to the US Gulf Coast, is expected to have an initial capacity of up to 700,000 barrels per day (bbl/d) of crude oil with an ultimate capacity of 830,000 bbl/d. TransCanada expects to start construction this summer and place the Gulf Coast Project in service in mid- to late 2013. Included in the US$2.3 billion cost is US$300 million for the 76 kilometer (47 mile) Houston Lateral pipeline that will transport crude oil to Houston refineries.
In May 2012, TransCanada filed a Presidential Permit application (cross border permit) for the Keystone XL Pipeline which will extend from the US/Canada border in Montana to Steele City, Nebraska. TransCanada will supplement the application with an alternative route in Nebraska as soon as that route is selected. Subject to regulatory approvals, TransCanada expects the Keystone XL Pipeline to be in service in late 2014 or early 2015. The approximate cost of the 36-inch, 830,000 bbl/d line is US$5.3 billion. As of June 30, 2012, US$1.5 billion has been invested in the project.
Further, In June 2012, TransCanada announced that it had been selected by Shell Canada Limited and its partners to design, build, own and operate the proposed Coastal GasLink project, an estimated $4 billion pipeline that would transport natural gas from the Montney gas-producing region near Dawson Creek, British Columbia to the recently announced LNG Canada liquefied natural gas export facility near Kitimat, British Columbia. The LNG Canada project is a joint venture led by Shell, with partners Korea Gas Corporation, Mitsubishi Corporation and PetroChina Company Limited. The approximate 700-km (420-mile) pipeline is expected to have an initial capacity of more than 1.7 billion cubic feet per day (bcf/d) and be placed into service toward the end of the decade.