UPDATE 3-TransCanada mulls new oil line, no damage from Sandy

Tue Oct 30, 2012 4:58pm EDT
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* No damage to TransCanada's U.S. Northeast power assets

* Expects early 2013 decision new on eastern Canada oil line

* Q3 net down 4 pct to C$0.52 per share

* Shares drop 0.5 pct

By Scott Haggett

CALGARY, Alberta, Oct 30 (Reuters) - TransCanada Corp said on Tuesday it will decide early next year on whether to go ahead with a pipeline to carry up to one million barrels of crude oil a day from Alberta's oil sands to refineries in Eastern Canada and on the U.S. East Coast.

The company, Canada's largest pipeline operator, also reported a 4 percent drop in quarterly profit on Tuesday and said its power plants in the U.S. Northeast, including the 2,480-megawatt Ravenswood plant in the New York borough of Queens, were undamaged by Hurricane Sandy.

"The vast majority of our assets in New York and New England continued to operate through the storm," Alex Pourbaix, head of the company's energy division, said on a conference call.

TransCanada is looking to expand the reach of its pipeline network, and as well as studying the eastbound oil line it is proposing the controversial Keystone XL pipeline to carry Alberta tar sands crude to Gulf of Mexico refineries.   Continued...