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LONDON, UK / ACCESSWIRE / July 31, 2017 / Pro-Trader Daily takes a look at the latest corporate events and news making the headlines for TransCanada Corp. (NYSE: TRP), following which we have published a free report that can be viewed by signing up at http://protraderdaily.com/optin/?symbol=TRP. The Company announced on July 28, 2017, that it plans to expand the capacity of Canadian Mainline System and has sought to apply to the National Energy Board (NEB) for the same. The proposed C$160 million (approximately) expansion project is well supported by long-term contracts of 15-year periods. For immediate access to our complimentary reports, including today's coverage, register for free now at:

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Discover more of our free reports coverage from other companies within the Oil & Gas Pipelines industry. Pro-TD has currently selected MPLX L.P. (NYSE: MPLX) for due-diligence and potential coverage as the Company reported on July 27, 2017, its financial results for Q2 2017. Tune into our site to register for a free membership, and be among the early birds that get our report on MPLX L.P. when we publish it.

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Sharing his views on the development, Karl Johannson, Executive Vice President, and President, Canada and Mexico Natural Gas Pipelines and Energy of TransCanada said:

"This expansion will help ensure Ontario customers receive the natural gas they need over the long-term and meet growing market demand in Atlantic Canada. This investment further affirms our commitment to build key natural gas infrastructure in Canada and shows the importance of the Canadian Mainline to efficiently and competitively meet the transportation needs of our customers."

Capacity Expansion Project details

The expansion is through the Maple Compressor Station near Vaughan, Ontario. The Company feels that the project will not only allow it to increase its capacity to deliver to the southern Ontario market but also increase capacity for delivery to Atlantic Canada via the Trans Quebec & Maritimes Pipeline (TQM) and Portland Natural Gas Transmission (PNGTS) Systems.

The capacity expansion will allow the Company to increase its compression and related facilities on the Canadian Mainline. This will increase the Company's gas supply by an additional 80 million cubic feet of natural gas per day approximately. This additional gas would be enough to meet the energy needs of more than 300,000 homes annually. TransCanada plans to fill out an application with NEB in early 2018 for the approval of the associated facilities once it has completed the tariff process for capacity additions. The Company has set a target date of November 01, 2019, to start the service. The new investment is part of the Company's C$500 million program to support additional transportation of Canadian and US gas through the Canadian Mainline System.

About the Canadian Mainline

TransCanada's Canadian Mainline is a 14,114 km (8,770 mile) pipeline that carries natural gas from the Western Canada Sedimentary Basin (WCSB) to Ontario and beyond. The Canadian Mainline is governed by Canada's NEB. The development of the pipeline has helped in the creation of jobs, overall development, and growth of industries across Canada by delivering fuel to millions of Canadians.

Financial Results for Q2 2017

On the same day (July 28, 2017), TransCanada also shared its financial performance report for Q2 2017. The net income was C$881 million for Q2 2017 compared to net income of C$365 million for Q2 2016. Earnings were C$659 million for Q2 2017 compared to earnings of C$366 million for Q2 2016. The EPS was C$0.76 for Q2 2017 compared to the EPS of C$0.52 for Q2 2016. The Company's revenue came in at C$3.22-billion for Q2 2017 compared to revenue of C$2.75-billion in Q2 2016.

The Company also declared a quarterly dividend of C$0.625 per common share for the quarter ending September 30, 2017, which would be payable on October 31, 2017.

About TransCanada

Toronto, Ontario, Canada based TransCanada was founded in 1951 to develop the TransCanada Pipeline which is now known as the Canadian Mainline. It is a leading energy infrastructure company in North America focused on natural gas and liquids pipelines, power generation, and natural gas storage facilities, and it is Canada's second biggest pipeline operator. It operates a network of natural gas pipelines which cover more than 91,500 kilometers (56,900 miles) and is a leading provider of gas storage and related services with 653 billion cubic feet of storage capacity. It is also one of the largest independent power producers and owns or has interests in approximately 6,200 megawatts of power generation in Canada and US.

TransCanada is also the developer and operator of one of North America's leading liquids pipeline systems that extends over 4,300 kilometers (2,700 miles). The Company's operations are supported by a global team of 7,100+ employees.

Last Close Stock Review

TransCanada's share price finished last Friday's trading session at $51.13, advancing 1.11%. A total volume of 1.36 million shares have exchanged hands, which was higher than the 3-month average volume of 1.34 million shares. The Company's stock price surged 10.10% in the last three months, 7.17% in the past six months, and 11.44% in the previous twelve months. Additionally, the stock rallied 13.24% since the start of the year. Shares of the Company have a PE ratio of 97.21 and have a dividend yield of 3.29%. The stock currently has a market cap of $44.11 billion.

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