TransCanada going ahead with expansion of Nova Gas, reports Q3 profit up

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