Railroad News

Canadian Pacific has received a $15 million grant from Emissions Reduction Alberta Program (ERA), which the Class I will use to expand the scope of its hydrogen locomotive program.

The grant enables CP to increase the number of hydrogen locomotive conversions in the project from one to three and add hydrogen production and fueling facilities. The program will create a global center of excellence in hydrogen and freight rail systems in Alberta, CP officials said in a press release.

Canadian Pacific yesterday published its 2020 corporate sustainability report on progress made in three areas of focus: operating safety, maintaining operational excellence and managing its social impact.

The report includes the following:
• In 2020, CP invested $1.67 billion to further enhance network capacity and improve performance and safety.
• CP continued to invest in emissions reductions. For example, the railroad completed the installation of a 5-megawatt solar energy farm at its Calgary headquarters and announced a hydrogen locomotive program to create North America's first line-haul hydrogen locomotive prototype.
• CP established three diversity councils focused on the topics of racial, gender (including 2SLGBTQ+) and indigenous diversity.

Canadian Pacific today reported third-quarter 2021 revenue rose 4% to CA$1.94 billion and net income fell 21% to CA$472 million compared with the same period a year ago.

The company posted diluted earnings per share (EPS) of 70 cents, down 20%, and adjusted diluted EPS of 88 cents, up 7%.

Canadian Pacific will host a virtual concert and donate to local food banks in communities across its network during its Holiday Train program's 23rd year. 

Although this year's Holiday Train will again be virtual, the program will continue to highlight and support food banks, CP officials said in a news release.

Canadian Pacific has submitted its 2021–2022 Winter Contingency Plan Report to the Canadian government as required by the Canada Transportation Act.

The report details CP’s plans to operate safely and efficiently when it encounters winter weather conditions during the upcoming 2021–2022 season.

Savage officials say they hope their new CPT Chicago Transload terminal at Canadian Pacific's Bensenville, Illinois, yard will help address a critical supply-chain need for the construction industry.

The terminal provides direct access to rail lines and major Chicago highways including Interstate-294, I-290, I-355 and the Elgin O’Hare Tollway (I-390).

Canadian Pacific has upped the ante in its competing attempt to acquire Kansas City Southern by issuing a new offer it’s characterizing as superior, achievable, pro-competitive and strategic.

In a letter sent to KCS’ board, CP President and Chief Executive Officer Keith Creel describes the Class I’s new offer, which is a stock and cash transaction representing an enterprise value of about $31 billion. The offer values KCS at $300 per share, representing a 34% premium based on the CP stock closing price on Aug. 9 and KCS unaffected stock closing price on March 19, 2021.

Richardson Pioneer Ltd. this week announced construction has begun on a new high throughput grain elevator in Carmichael, Saskatchewan.

The project is expected to be completed by fall 2022. Canadian Pacific will serve the new elevator, which will feature 46,000 metric tons of storage capacity with a loop-rack rail design capable of loading 175 high-cube rail cars, Richardson officials said in a press release.

In a June 10 advertisement in The Washington Post and in a statement posted on its website, Canadian Pacific reiterated its stance that its proposed merger with Kansas City Southern is the "only viable" combination that would benefit Class I service, freight-rail competition and the environment.

CP is continuing to make a public case for its proposal to merge with KCS, which initially agreed to combine with CP but then pulled out of the pact to pursue a merger agreement with CN.