3 Energy Stock Stories To Spark Tuesday Investment Chatter
TransCanada Corp. (NYSE:TRP): Closing price $44.19
TransCanada has brought a lawsuit against the gas distribution division of its rival Enbridge Inc. (NYSE:ENB) regarding its decision to end an agreement that would see the parties co-operate on a 23-kilometre stretch of natural gas pipeline in the Greater Toronto Area. In a statement of claim filed in the Ontario Superior Court of Justice last week, the plaintiff said that “TransCanada will suffer irreparable harm if Enbridge does not abide by the terms of the (memorandum of understanding).” In order to accommodate increasing energy demand in the Area, Enbridge proposed late last year to expand its gas distribution system in the region. At about the same time and in the same area, TransCanada was also broadening its own natural gas infrastructure.