The Globe and Mail reports in its Saturday, May 31, edition that Trans Mountain expects to pay Ottawa $1.25-billion this year due to record shipments on its oil pipeline and a refinancing deal that has lowered costs. The Globe's Emma Graney writes that the Crown corporation aims to increase shipments on its expanded pipeline. Since May 1, the expanded system has been operational, averaging 757,000 barrels per day in early 2023, which is about 85 per cent of capacity, peaking at 90 per cent in March. Adjusted earnings for that period were $568-million. The refinancing deal came about in December, when Canada TMP Finance provided funding to repay $17.9-billion of debt. The move reduced interest costs and put in place a long-term capital framework, bringing Trans Mountain's debt and equity structure into line with that of typical pipeline companies, chief executive officer Mark Maki said in an interview Friday. Trans Mountain plans to return surplus cash to the federal government, with $311-million paid in the first quarter and approximately $1.25-billion expected this year. Mr. Maki noted that these payments are anticipated to increase significantly in 2026 and beyond.