08/12/2013 02:32 EDT | Updated 10/12/2013 05:12 EDT

TransCanada reaches settlement with shippers on NGTL pipeline revenue

CALGARY - TransCanada Corp. (TSX:TRP) says it has reached a settlement with shippers on the 2013 and 2014 annual revenue requirement for its NGTL gas system pipeline.

The deal, through wholly-owned subsidiary NOVA Gas Transmission Ltd., fixes operating, maintenance and administration costs at $190 million for 2013 and $198 million for 2014.

The Calgary company also says it has filed an application with the National Energy Board for approval of the settlement and final 2013 rates, as well as changes to existing interim rates to reflect the settlement.

TransCanada is a natural gas and oil pipeline company, which also manages power generation and gas storage facilities.