$19B in projects currently underway
By Alexandra Stadnyk
TransCanada Corp. reported first-quarter earnings of C$334 million, down from $449 million in the first three months of last year, the company said on Friday.
The Alberta-based energy infrastructure giant said its profit rose to $343 million from $326 million.
Quarterly revenue was up 11.6 percent from a year earlier, from $2.13 billion to $2.38 billion.
"The increase in comparable earnings was primarily due to higher earnings from U.S. pipelines, Eastern Power and Bruce Power, partially offset by decreases in the U.S. power and natural gas storage businesses and higher financing costs," TransCanada said.
"Today we are in the midst of constructing $19 billion of commercially secured, low-risk projects such as the Keystone oil pipeline, the North Central Corridor expansion, the Bruce Power refurbishment, and three large-scale, gas-fired power plants that will be completed and placed into service over the next four years. Each is expected to generate significant long-term earnings and cash flow for our shareholders."