TC Energy spinoff, creation of South Bow pipelines business approved of by shareholders

TC Energy Corp. shareholders have voted in favour of spinning off the company’s crude oil pipelines business.

Shareholders at the Calgary-based company’s annual meeting Tuesday endorsed the company’s previously announced plan to split into two separate publicly traded companies.

The plan will see TC Energy look more like a utility company, with a focus on natural gas infrastructure as well as nuclear, pumped hydro energy storage and new low-carbon energy opportunities.

The company’s crude oil pipelines, including the critical Keystone pipeline system, will become part of a new liquids pipeline business called South Bow.

The new company will be headquartered in Calgary with an office in Houston.

TC Energy has said separating its lines of business will allow for faster growth.

1:49 TC Energy terminates Keystone XL expansion project