TransCanada Corp., Canada’s largest
pipeline company, plans to pay $47.1 million to DTE Energy Co.
for an additional stake in Portland Natural Gas Transmission
System to boost holdings in the U.S. Northeast.
The price includes $27.8 million in assumed debt,
Calgary-based TransCanada said in a statement. The purchase will
boost TransCanada’s stake in Portland Natural Gas to 43 percent
from 33 percent. DTE is the owner of Detroit’s electric and gas
utilities.
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Portland Natural Gas runs a 293-mile gas line that connects with the Trans-Quebec & Maritimes Pipeline
near Pittsburg, New Hampshire, and has delivery points in Maine,
New Hampshire and Massachusetts, including the Boston area. The
line can deliver 220 million cubic feet of gas a day.
“We want to grow our pipeline and power business through
acquisitions and new developments,” TransCanada spokesman Glenn
Herchak said. “The U.S. Northeast is a key market for us.”
Shares of TransCanada on the Toronto Stock Exchange have risen 13 percent in the
past year.
TransCanada’s pipeline network runs to the Northeast from
fields in western Canada. The company is studying the
construction of a liquefied-gas processing project in Maine.
Fort Chicago Energy Partners LP said recently it probably
would not proceed with a purchase announced last month to buy
DTE’s stake in the line for $31.1 million because owners such as
TransCanada exercised rights to increase their holdings.
TransCanada said the purchase is expected to close within
the next month.
Bloomberg News
