TC Energy (TRP) said in a statement that its Virginia Reliability Project had been approved by the US Federal Energy Regulatory Commission (FERC).
The project is expected to add more than $500 million of economic value and to create over 3,500 jobs in the state.
Columbia Gas Transmission’s Virginia Reliability Project represents an expansion project, which is to replace 2 existing segments of the pipeline system to continue reliable and abundant supply of natural gas.
The Virginia Reliability Project includes the replacement of nearly 48 miles of 1950’s 12-inch diameter pipeline with 24-inch diameter pipeline with state-of-the-art steel pipe and technology.
The construction is scheduled to start by the second quarter of 2024, with a projected in-service date of November 1st 2025.
Once the project is completed, it will make energy more reliable and affordable in the Hampton Roads area, TC Energy said.
The shares of TC Energy Corp (TRP) closed 0.24% (CAD 0.12) higher at CAD 50.46 in Toronto on Monday, as they extended the gain from the previous market session.
The company’s total market cap now stands at CAD 52.327 billion.