TransCanada Terminates Energy East Pipeline Project

Energy East would have provided Canadian oil producers with access to buyers in India, one of the fastest-growing markets for petroleum, because shipping there is faster from Canada's Atlantic Coast than from its Pacific Coast, said Tim McMillan, chief executive officer of CAPP.

TransCanada shares were essentially flat at about $61 on the Toronto Stock Exchange as of mid-morning. He said his province wasn't banking on Energy East - but having certainly wouldn't have hurt.

August 1, 2013: TransCanada announces at the height of the oil boom that it is officially moving ahead with the Energy East pipeline project, promising jobs, tax revenue, and energy security.

TransCanada will also withdraw from a Quebec environmental review, said Girling.

Regarding the Energy East pipeline, Lisa Raitt, deputy leader of Canada's conservative opposition, called it a awful day for Canada and blamed Prime Minister Justin Trudeau for not championing the nation-building project and the nation's energy sector.

January 27, 2017: The new National Energy Board panel tasked with reviewing the Energy East pipeline decides to throw out all of the decisions made by the previous panel.

In a statement, the company said the decision would result in roughly $1 billion in losses and cited "changed circumstances" as its rationale.

"The economic benefits of the Energy East pipeline have never been added to our economic and fiscal projections", he said.

The vast majority of Canadian crude exports go to the United States, and Energy East would have shipped 1.1 million barrels a day to east coast ports for loading onto tankers destined for higher-priced markets in Europe and Asia. It was first proposed in 2013.

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Girling assured investors that he expects TransCanada will continue to focus on its $24-billion near-term capital program, which he said will support growth in its annual dividend.

"This project was so wrong and so risky, its hard to believe it was seriously contemplated", Gretchen Fitzgerald, national program director of environmental organization the Sierra Club, said.

There was jubilation in some quarters on Thursday, with Montreal Mayor Denis Coderre tweeting that the project's abandonment is a major victory.

The Canadian Energy Pipeline Association and others blamed TransCanada's decision on Ottawa's "unclear decision-making process".

The premiers of Alberta and New Brunswick expressed disappointment over the decision, while the Opposition Conservatives blasted the Liberal government for the "disastrous" energy policies of Prime Minister Justin Trudeau that they said cost jobs and discourage investment.

The Calgary-based company said previously it was suspending its efforts to get regulatory approvals for the mega projects.

"This project was so wrong and so unsafe, its hard to believe it was seriously contemplated", Gretchen Fitzgerald, national program director of environmental organization the Sierra Club, said.

Coderre also thanked local Indigenous groups for their leadership on the pipeline file.

The demise of the pipeline comes less than a year after the Canadian government rejected another export pipeline, Enbridge Inc's Northern Gateway, and is a further setback for Canada's oil industry which is already hurting from low global crude prices.

(Copyright © 2015. All Rights Reserved.)
 
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