Investment Thesis
On March 31, 2020 following more than a decade of regulatory delays and legal challenges, TC Energy Corporation (TRP) announced that construction has commenced on the Keystone XL pipeline. The construction work that has commenced on the northern Montana segment of the project is a significant milestone for the trans-border liquids pipeline and is welcome news for shareholders.
The challenges faced by TC Energy in developing this project underscore some of attributes that make Keystone XL an attractive investment. Pipeline infrastructure, notably trans-national liquids pipelines, are: capital intensive, risky to develop