TransCanada Ends Two Pipeline Projects, Citing 'Changed Circumstances'

TransCanada terminates Energy East project

TransCanada terminates Energy East project

"The economic benefits of the Energy East pipeline have never been added to our economic and fiscal projections", he said. "A company that made 700 changes to its plans as part of that response", Wall said in a statement Thursday.

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

In late August, the National Energy Board - an independent regulatory agency that oversees global and inter-provincial oil and gas pipelines - announced it would consider upstream and downstream greenhouse gas emissions in determining whether the Energy East pipeline was in the national interest. October 5, 2017 amidst an unprecedented announcement from the National Energy Board that it would include upstream and downstream greenhouse gas emissions in its review of the pipeline.

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, 890,000 bpd.

New Brunswick Premier Brian Gallant says the announcement is not good news for his province. This marked a first for the board, which had come under fire for not considering climate impacts in other pipeline hearings.

But the company in recent years has dealt with a fall in the price of crude oil, which is now hovering around $50 a barrel, down from almost $100 a barrel in mid-2014.

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September 9, 2016: The National Energy Board sidelines all three Energy East reviewers following complaints that two of them met privately with a TransCanada consultant the year before and discussed the proposed oil pipeline. Speaking to reporters Thursday morning in Montreal, he said the decision was also the result of leadership from his city and other municipalities who insisted on getting reforms to the National Energy Board to ensure a fair process.

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. "Nothing has changed in the government's decision-making process".

That's because the business case to build the pipeline has always been looking less than clear, he noted. "But when you have something that represents 26 football fields and they want to open wetlands, and install pipelines everywhere - that's unacceptable".

TransCanada Corp abandoned construction of its Energy East pipeline on Thursday, taking a C$1 billion ($798 million) non-cash charge and handing environmental groups a major victory in efforts to hamper Canadian oil development.

Carr shrugged off Raitt's criticism, saying there are signs of growth in the energy sector despite "market challenges" posed by sagging oil prices.

The company suspended its application on Sep.

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