TransCanada shares rise on Keystone environment report

Mon Mar 4, 2013 10:02am EST
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CALGARY, Alberta (Reuters) - Shares in TransCanada Corp (TRP.TO: Quote) rose early on Monday in the first trading following a positive U.S. government report on the company's controversial Keystone XL project.

Shares in the company opened up 0.3 percent to C$47.95 on the Toronto Stock Exchange.

Late on Friday, the U.S. State Department issued its draft supplemental environmental impact statement on the proposed $5.3 billion line that would carry Alberta crude to Texas refineries. The report said building Keystone XL was unlikely to accelerate the development of Canada's oil sands or lead to a spike in greenhouse gas emissions.

A final decision from the Obama administration on whether the project can go ahead is not expected until July or August.

The report also helped boost other Canadian energy producers, including Meg Energy Corp (MEG.TO: Quote) which added 1.3 percent to C$33.44, and Southern Pacific Resource Corp STP.TO which gained 2.2 percent to C$0.95.

(Reporting by Alastair Sharp and Scott Haggett; Editing by James Dalgleish and Grant McCool)