July 26, 2013 / 1:04 PM / 5 years ago

TransCanada profit jumps on higher power prices in Alberta

July 26 (Reuters) - TransCanada Corp, Canada’s No.2 pipeline operator, reported a 34 percent jump in second-quarter profit due to higher prices in its power-generation business.

The company also said it expects the Keystone XL pipeline to be in service about two years after receiving a presidential permit from the Obama administration.

U.S. government approval for the controversial Keystone XL pipeline, which faces fierce opposition from environmental groups, has been pending since 2008. The project would link Alberta’s oil sands with refineries in Texas.

Net income attributable to common shares rose to C$365 million ($355.1 million), or 52 Canadian cents per share, from C$272 million, or 39 Canadian cents per share, a year earlier.

Comparable earnings, which exclude most one-time items, rose 19 percent to C$357 million, or 51 Canadian cents per share.

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