TransCanada abandons $12 billion pipeline project after green push

TransCanada abandons $12 billion pipeline project after green push

In a statement, C-E-O Russ Girling cites the company's "careful review of changed circumstances" and says TransCanada is thankful for the support it received from labour, business, industry, Irving Oil and various governments that passed resolutions in favour of the projects.

In a statement released by TransCanada, the company said it is now reviewing the company's $1.3 billion carrying value.

REGINA-The premiers of Alberta and Saskatchewan say Energy East would have been a nation-building project and that TransCanada's decision to cancel the pipeline is a bad day for the West.

August 23, 2017: In a decision cheered by environmentalists but considered a setback by the oil industry, the National Energy Board says it will allow wider discussion of greenhouse gas emission issues in upcoming hearings for the Energy East Pipeline.

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"The emissions associated with new pipelines are inconsistent with our climate imperative and the threat to waterways, wildlife, and lands was enormous". The project was cancelled Thurs. That pipeline, however, is now locked up in lawsuits, and the B.C. government is intervening in challenges to its approval. "As far as we're concerned, the whole criteria around social acceptability of major projects has become more and more important in terms of how we evaluate projects like Energy East and others".

In late August, the National Energy Board - an independent regulatory agency that oversees worldwide 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. "Energy East was a disaster waiting to happen".

TransCanada's decision is also a blow to the ailing economy of New Brunswick province, where the pipeline would have terminated.

But the Canadian Association of Petroleum Producers says all the pipelines are needed, predicting in June that national oil production will climb by 33 per cent by 2030 to reach 5.12 million bpd - CEO Tim McMillan said Thursday pipeline capacity will be exceeded under that forecast if Energy East is not in place.

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On 7 September the Alberta-based company asked the National Energy Board (NEB) for a 30-day suspension of the two project applications. Companies are not eager to invest in expensive tar sands projects unless the price of oil comes back up.

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

"In a world where the oil sands were growing and the price of oil was really high, it didn't really matter that that pipeline was a little pricier to ship on, because it was still a lucrative proposition", he said.

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