In a glowing second quarter report to investors, TC Energy Corporation said that its British Columbia Coastal GasLink LNG pipeline is near the finish mark and has reached 91% completion.
In a press release on Friday, TC Energy wrote that Coastal GasLink remains on planned cost and time schedules. The company also announced it would separate its Natural Gas Pipelines and Power and Energy Solutions businesses from its Liquid Pipelines business.
“The separated industry-leading companies will have greater strategic focus to execute major projects, drive efficiencies and operational excellence, and enhanced flexibility to pursue disciplined growth,” explained TC Energy President Francois Poirier.
“In addition, we have made significant progress on our 2023 strategic priorities. First, we continue to safely execute our secured capital program, including Coastal GasLink and Southeast Gateway which remain on planned cost and schedule.”
In the first six months of 2023, TC Energy placed $2.1 billion in natural gas or liquids into service. The company says it expects to meet it’s projected $6 billion target by the end of the year.
“The Coastal GasLink project is approximately 91 per cent complete overall and continues to track cost and schedule with mechanical completion expected by year end,” wrote TC Energy.
“As previously communicated, based on the expectation that additional equity contributions will predominantly be funded by TC Energy, there is a pre-tax impairment charge of the full value of our investment in Coastal GasLink LP of $843 million ($809 million after tax) in second quarter 2023.”
The development of Coastal GasLink has been met with fierce opposition from radical environmental activists.
As reported by True North, the RCMP failed to press any charges last year after a Coastal GasLink work camp was beset upon by a mob of axe-wielding attackers who destroyed critical equipment on the work site.
Earlier this year, a worker at the pipeline site was also set upon by a gang of attackers. The RCMP have since arrested five suspects in relation to the attack.
“Criminal acts by persons under the guise of protesting, particularly the violence exhibited by the suspects in this instance, will not be tolerated,” an RCMP statement said.
