TC Energy Corporation (NYSE:TRP) shares are trading higher today. The company disclosed that its NGTL gas pipeline system in Alberta ruptured and caught fire on Tuesday.
The fire occurred in a remote location which is around 40 kilometres northwest of Edson, Alta in Yellowhead County.
As per Reuters, Canadian broadcaster Global News said “there was a plume of flames and smoke visible from many kilometres away.”
Canada Energy Regulator (CER) said that they are sending inspectors to the area to monitor and oversee the company’s response and determine the impact of the incident.
TC Energy said in the statement, “An initial ignition of natural gas at the rupture site is now extinguished. We are working to support Alberta Wildfire in their response to contain a secondary fire.”
The company confirmed that there were no injuries and stated that they have isolated and shut down affected section of the pipeline.
Notably, NGTL is TC Energy’s natural gas gathering and transportation system that transports gas produced in the Western Canadian Sedimentary Basin (WCSB) to markets in Canada and U.S.
Investors can gain exposure to the stock via VanEck Energy Income ETF (NYSE:EINC) and IPath Select MLP ETN (BATS:ATMP).
Price Action: TRP shares are up 0.11% at $35.23 premarket on the last check Wednesday.
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