(Calgary) TC Energy shareholders voted in favor of splitting the company into two separate companies on Tuesday, including one that will handle pipelines.
Shareholders at the annual general meeting approved the project, which was previously announced by the Calgary-based company. The two separate companies will be listed on the stock exchange.
TC Energy will become more like a utility company, focusing on natural gas infrastructure, nuclear and pumped hydro storage, and new low-carbon energy opportunities.
The company’s oil pipelines, including the Keystone pipeline system, will be owned by a new liquids pipeline company called South Bow.
The new company will have its headquarters in Calgary and an office in Houston.
TC Energy said separating its business segments would enable faster growth.