CALGARY, Alberta, April 7 (Reuters) – Canada’s largest pipeline companies TC Energy (TRP.TO) and Enbridge Inc (ENB.TO) see opportunities in their large natural gas businesses as the clean energy transition develops, their directors said On Wednesday.
The two Calgary-based companies are among the largest energy infrastructure companies in North America, and most of their business is focused on the storage and transportation of fossil fuels.
TC Energy has the largest natural gas pipeline system in North America, and CEO François Poirier said the company sees many opportunities to capitalize on this business through organic bolt-on projects.
Storage and transportation facilities will be vital as the energy transition advances and new technologies to reduce greenhouse gas emissions such as carbon capture and storage and hydrogen are developed, Poiriersaid said at the online Scotiabank CAPP Energy Symposium.
“From our point of view, the transition cannot come quickly enough, but we have to accelerate it accordingly. I believe that natural gas and liquids will continue to play a prominent role in the energy industry in the decades to come, ”he said.
“I believe that our existing assets will be used and useful for a long time to come and generate an enormous cash flow that we can use in the energy transition.”
Enbridge CEO Al Monaco said at the same conference that he sees gas as a “great enabler” for the energy transition, as it is a reliable source of energy that can hold back renewables.
“It’s cheap, it’s abundant, it’s important to reduce the use of coal, but it’s also important to promote renewable energy. You have to be able to create a base load capability and it solves the huge intermittent challenges, ”he said.
Both companies are also investing in clean energy projects and considering developing technologies to transport hydrogen.
Reporting by Nia Williams
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