* Energy East open season results to come within two weeks
* Keystone XL still awaits U.S. approvals
* Q3 comparable profit C$0.51/shr vs C$0.43
* Shares rise 0.2 pct
CALGARY, Alberta, July 26 TransCanada Corp
, which earlier reported a 34 percent jump in
second-quarter profit on Friday, said it expects its proposed
Energy East pipeline will receive sufficient support from
potential shippers to allow construction to proceed.
The company, which is also backing the controversial
Keystone XL project, said the planned 700,000-barrel-per-day
project, even as it awaits results from a open season process,
where shippers sign long-term contracts for space on the line.
Those results are expected within two weeks.
But TransCanada Chief Executive Russ Girling said he is
confident the project, which will take Alberta crude to the
Atlantic seaboard, is expected to go ahead, will garner enough
support to allow construction to proceed.
"We continue to feel very positive about this initiative and
we have received significant interest from both producers and
refiners," Girling said on a conference call.
The line, which could deliver crude to refineries near
Montreal, Quebec City and Saint John, New Brunswick, would be
the first export line to Canada's East Coast. It would supplant
imported crude that eastern refineries currently rely on and
offer additional pipeline capacity for rapidly expanding oil
TransCanada's Keystone XL line, which faces fierce
opposition from environmental groups, could carry more than
800,000 bpd from Alberta to refineries on the Gulf of Mexico
coast, is also being touted as a relief for Canadian oil
producers worried about tight pipeline capacity.
However, the project is stalled as TransCanada waits for a
final decision from the Obama administration as to whether it
can proceed. That is expected later this year, five years after
the company's initial application for a presidential permit.
The company is nearing completion of Keystone XL's southern
leg, running from the oil storage hub of Cushing, Oklahoma to
refineries on Texas' gulf coast. TransCanada said the 700,000
bpd line is 85 percent complete and expected to be in service by
the end of the year.
The company said net income attributable to common shares
rose to C$365 million ($355.1 million), or 52 Canadian cents per
share, from C$272 million, or 39 Canadian cents per share, a
year earlier, as its electricity division benefited from higher
Comparable earnings, which exclude most one-time items,
jumped 19 percent to C$357 million, or 51 Canadian cents per
The company's shares were up 11 Canadian cents to C$46.52 by
late afternoon on the Toronto Stock Exchange.