In a disappointing development, TransCanada is planning to rebrand as ‘TC Energy,’ removing ‘Canada’ from their name.
TransCanada has been growing heavily in the U.S., far outpacing growth in Canada.
CEO Russ Girling said, “We believe the name TC Energy clearly articulates our complete business – pipelines, power generation and energy storage operations – and reflects our continued continental growth into an enterprise with critical assets and employees in Canada, the United States and Mexico.”
Speaking to BNN Bloomberg, portfolio manager Lyle Stein pointed out that the company isn’t really Canadian at this point:
“I think it makes sense. This is not a Canadian company, and so I think to take the ‘Canada’ out reflects the reality of being a North American player.”
It’s sad to see ‘Canada’ being removed from the TransCanada brand, and it reflects the growing reality that many energy companies are being forced to look elsewhere for their future survival as a result of excessive regulations, carbon taxes, and the inability of the Canadian government to get basic pipeline projects done.
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