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Canadian pipeline companies sees natgas opportunities in shift to green energy

The chief executives of TC Energy and Enbridge Inc, Canada’s largest pipeline companies, see opportunities in their extensive natural gas businesses as a transition to cleaner energy evolves. The majority of companies’ business covers storing and transporting fossil fuels.

TC Energy has the biggest natural gas pipeline system in North America, and CEO François Poirier said the company sees plenty of opportunities to allocate capital to that business in the form of organic bolt-on projects, as reported by reuters.

At the online Scotiabank CAPP Energy Symposium Poirier specified that storage and transportation assets will play the key role as the energy transition moves forward and new technologies focused on reduction of greenhouse gas emissions are developed.

He expressed opinion that transition can’t pass fast enough. There is a need to pace it appropriately. He added that natural gas and liquids will continue to play a prominent role in the energy economy for decades to come.

“I believe our existing assets will continue to be used and be useful for quite a long time and generate a tremendous amount of cash flow that we will be able to deploy into the energy transition.”

Enbridge CEO Al Monaco, speaking at the same conference, said he considered gas as the “great enabler” for the energy transition because it is a reliable source of power that can backstop renewables.

“It’s low-cost, abundant, it’s important in reducing utilization of coal, but it’s equally important in fostering renewables. You’ve got to be able to create baseload capability and it addresses the enormous intermittency challenges,” he said.

Both companies are also making investment in clean energy projects, and looking into developing technology to transport hydrogen.

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