Economy

TransCanada abandons $12 billion pipeline project after green push

TransCanada abandons $12 billion pipeline project after green push

Some industry analysts have questioned the need for the Energy East project after TransCanada's 830,000-bpd Keystone XL project received U.S. approval to transport oil from Alberta to the U.S. Gulf Coast and Kinder Morgan won federal approval of its Trans Mountain pipeline project to almost triple the capacity of the 1,150-kilometre line running from Edmonton to Burnaby, B.C.to 890,000 bpd.

The Calgary-based company (TSX:TRP) had announced last month that it was suspending its efforts to get regulatory approvals for the mega project.

The review process is over, but several legal challenges to the pipeline - including over whether the environmental review adequately considered climate impacts - have tied the project up in the courts.

"Our government would have used the same process to evaluate the Energy East Pipeline project that saw the Trans Mountain expansion and Line 3 projects approved".

"After careful review of changed circumstances, we will be informing the National Energy Board that we will no longer be proceeding with our Energy East and Eastern Mainline applications".

TransCanada pulled its application for Energy East once the National Energy Board (NEB) ruled that it would consider all greenhouse gas emissions resulting from the project. "A company that made 700 changes to its plans as part of that response", Wall said in a statement Thursday.

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In August, the NEB announced it would expand its assessment of the project into risks associated with potential accidents and system malfunctions that could cause oil spills.

June 16, 2016: The National Energy Board says it has officially started the clock on its review of Energy East.

TransCanada Corp abandoned its C$15.7 billion ($12.52 billion) cross-country Energy East pipeline on Thursday amid mounting regulatory hurdles, dealing a blow to the country's oil export ambitions.

Much of the pipeline would have been converted from an existing natural gas pipeline, including the entire length that now runs through Saskatchewan.

The Eastern Mainland project would have built an additional 279km (175 mile) new gas pipeline in Ontario.

Saskatchewan Premier Brad Wall was an advocate for the pipeline project, voicing his support for it on many occasions, including trips to eastern Canada.

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The officials spoke on condition of anonymity because they were not authorized to publicly discuss planning for the event. India and Afghanistan have also been time and again charging their neighbour Pakistan with similar allegations.

Nenshi went on to suggest there were two issues when it comes to moving forward.

But environmental groups questioned the need for a pipeline they said was at odds with Canada's commitment to tackle climate change.

Look at the number of transnational oil companies exiting the oil sands, selling their assets due to the high costs of extraction and production: StatOil, Conoco-Phillips, Royal Dutch Shell.

"We are disappointed with this decision", says Ian Whitcomb, President of Irving Oil. Energy East is just the latest in a growing list of projects that will never see the light of day.

Heurtel said the project wasn't well explained to Quebecers. "We cautioned this project would die a natural death simply because of inactivity and because of ambiguity and confusion that the NEB and government allowed to happen".

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