Wednesday, 18 October, 2017

TransCanada Terminates Energy East Pipeline Project

The proposed route of the Energy East pipeline was shared with the media at an Aug. 2013 press conference with Trans Canada officials TransCanada cancels plans for Energy East pipeline
Stacy Diaz | 06 October, 2017, 00:24

The construction of the Energy East pipeline was a once-in-a-lifetime opportunity.

TransCanada said on Thursday that it would not be proceeding with two pipeline projects created to carry oil from Alberta and Saskatchewan to Canada's East Coast, a month after the company sought a 30-day suspension of the project applications to review changed regulatory circumstances. His government has been trying to balance the oil industry's desire to tap new markets with environmentalists' concerns.

Regulators "moved the goalposts" on the project when the National Energy Board began to consider the upstream impact of greenhouse gas emissions for the project - and that will have an ripple effect on future projects, said Wall.

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

New Brunswick Premier Brian Gallant went further in saying he believed the project would have been approved if TransCanada had continued with the process.

Saskatchewan Premier Brad Wall was an advocate for the pipeline project, voicing his support for it on many occasions, including trips to eastern Canada. It will also notify Quebec that it is withdrawing the Energy East project from the environmental review process.

It announced Thursday that it will no longer be proceeding with its applications for the mega project "after careful review of changed circumstances".

Energy East would have carried about 1.1 million barrels of oil a day from Alberta and Saskatchewan to eastern Canadian refineries and a marine terminal in New Brunswick, on Canada's Atlantic Coast.

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There is shock from the energy sector on Thursday morning as Calgary-based TransCanada announced they would be dropping the idea of a pipeline from Alberta to the east coast.

The Canadian Energy Pipeline Association (CEPA)

In its news release, TransCanada said it will record a non-cash charge of about $1 billion in its fourth-quarter results to account for funds invested in the failed venture.

Canadian energy executives view TransCanada Corp.'s decision to scrap its $15.7-billion Energy East project on Thursday as just the latest multi-billion-dollar project cancellations and another in a string of recent disappointments worth over $56 billion.

Grand Chief Serge Simon, of the Mohawk Council of Kanesatake, said the fight by Indigenous People against other pipeline projects will continue.

"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".

The Treaty Alliance Against the Tar Sands, made up of 150 First Nations across Canada and the United States, says it will now focus its sights on Kinder Morgan's Trans Mountain expansion, Enbridge's Line 3 and TransCanada's Keystone XL.

"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.

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