TransCanada's $1.5B Nova Gas expansion to proceed as company reports Q3 profit up

TransCanada Corp. says it will go ahead with a $1.5-billion expansion of its Nova Gas Transmission Ltd. System.

The plan includes approximately 197 kilometres of large diameter pipeline, three compression units, meter stations and associated facilities.

The pipeline company says applications for approvals to construct and operate the facilities are expected to be filed with the National Energy Board in the second quarter of 2019.

The decision comes as TransCanada reports third-quarter profit of $928 million or $1.02, up from a profit of $612 million or 70 cents per share in the same quarter last year. Revenue totalled $3.16 billion, down from nearly $3.20 billion a year ago.

TransCanada says its comparable earnings for the quarter amounted to $1 per share, up from 70 cents per share a year ago.

Analysts on average had expected a profit of 78 cents per share, according to Thomson Reuters Eikon.

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