TC PipeLines, LP (NYSE:TCP) Files An 8-K Regulation FD DisclosureItem 7.01 Regulation FD Disclosure.
On September 24, 2018, Gas Transmission Northwest, LLC ("GTN"), a wholly-owned subsidiary of TC PipeLines, LP (the "Partnership"), filed a petition with the Federal Energy Regulatory Commission ("FERC") requesting a waiver of the requirement to file Form No. 501-G based on an uncontested settlement-in-principle reached by GTN with shippers that will provide customers with rate relief and resolve issues relating to the Tax Cut and Jobs Act ("Tax Act"), FERC's Order No. 849, and the FERC's Revised Policy Statement on Treatment of Income Taxes ("Revised Policy Statement"). GTN currently is required to file its Form No. 501-G on October 11, 2018. FERC provided for a waiver of the Form No. 501-G filing requirement for pipelines that enter into pre-packaged uncontested settlements addressing rate issues arising from the Tax Act, Order No. 849, and the Revised Policy Statement by the date their Form No. 501-G would otherwise be due. GTN is preparing final settlement documents and will file them with FERC for approval as soon as possible. GTN has requested that FERC issue an order granting its petition on or before October 5, 2018 in order to ensure that GTN will have sufficient time to finalize its Form No. 501-G filing if necessary. In the alternative, GTN has requested that FERC postpone the deadline for it to file Form No. 501-G until December 6, 2018.
At this time,the Partnershipmaintains its previous estimate of the overall impact of the tax-related changes to its revenue and cash flow as it continues to execute its regulatory strategy.
About TC PipeLines, LP (NYSE:TCP)
TC PipeLines, LP is a limited partnership company that acquires, owns and participates in the management of energy infrastructure businesses in North America. The Company’s pipeline systems transport natural gas in the United States. The Company has approximately four pipelines and equity ownership interests in over three natural gas interstate pipeline systems that are collectively designed to transport natural gas from producing regions and import facilities to market hubs, and consuming markets primarily in the Western, Midwestern and Eastern United States. All of its pipeline systems are operated by subsidiaries of TransCanada. Its pipeline systems include Gas Transmission Northwest LLC (GTN), Northern Border Pipeline Company (Northern Border), Bison Pipeline LLC (Bison), Great Lakes Gas Transmission Limited Partnership (Great Lakes), North Baja Pipeline, LLC (North Baja), Tuscarora Gas Transmission Company (Tuscarora) and Portland Natural Gas Transmission System (PNGTS).