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Investing.com -- TC Energy Corporation (TSX:TRP) (NYSE:TRP) stock rose 3.1% Friday after the company announced it has begun collecting tolls from Mexico’s Comisión Federal de Electricidad ( CFE (EBR:CFEB)) for its Southeast Gateway pipeline.
The company confirmed it has received payment from CFE for the month of May, in line with their contractual agreement. TC Energy is currently working with Mexico’s newly established Comisión Nacional de Energía to obtain approval for regulated rates, which will be necessary to provide service to potential future interruptible service users beyond CFE.
The 715-kilometer natural gas pipeline, with a capacity of 1.3 Bcf/d, was completed approximately 13% under the original cost estimate and in less than three years from the final investment decision. It marks the first major energy infrastructure project constructed under TC Energy’s public-private partnership with CFE.
"The successful completion of the Southeast Gateway pipeline reflects the unwavering commitment of our team, the CFE and the Ministry of Energy (SENER) to support Mexico’s expanding energy demand and future economic development," said François Poirier, TC Energy’s President and Chief Executive Officer.
The pipeline is strategically positioned to support Mexico’s announced plans to add approximately 8.5 gigawatts of newly installed capacity from natural gas power plants. TC Energy’s assets in Mexico are expected to play a significant role in the country’s transition to lower-emission energy sources and enhance energy security.
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