TC Energy Upbeat on 2023, Despite Rising Coastal GasLink Cost

November 30, 2022--Researched by Industrial Info Resources (Sugar Land, Texas)--Rising labor costs and shortages are hitting one of TC Energy's (NYSE:TRP) (Calgary, Alberta) most anticipated projects hard, along with problems ranging from rough terrain to environmental objections. But the oil and gas giant remains optimistic about its financial and capital-spending outlook going into 2023.

Industrial Info is tracking about US$14.8 billion worth of active projects from TC Energy, more than US$9 billion of which are under construction. These include US$4.7 billion worth of active Coastal GasLink projects, which are centered around the 422-mile, pipeline from Groundbirch to Kitimat, British Columbia. The project began construction in the first quarter of 2019, when the completion date was estimated to be mid-2021. Since then, disruptions related to COVID-19, constantly rising labor costs, drought conditions and unhospitable geography have pushed the date for substantial completion back to mid-2025 at the earliest.

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