News Worms
News Worms

TransCanada cancels Energy East pipeline project

TransCanada cancels Energy East pipeline project

Officials said they made the move after the National Energy Board ruling said the board assessment will include a look at the upstream and downstream greenhouse gases that would be produced by the pipeline.

"I could be at the grocery store, I could be at the coffee shop, and people would constantly stop or say to me "protect our drinking water".

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

"Whether they like it or not, governments and industry can't ignore us anymore".

The pipeline operator had envisioned the Energy East and Eastern Mainline projects to help increase western Canadian oil producers' access to east-coast and offshore refineries and increase natural-gas supplies to Southern Ontario.

Environmental Defence, one of the main groups campaigning against the project, said new pipelines could not be justified at a time of declining investment in the tar sands, pipeline overcapacity, and a transition to renewable energy.

New Brunswick Premier Brian Gallant says the announcement is not good news for his province.

Alberta Premier Rachel Notley says her government has always supported Energy East because of the new jobs, investments and markets it would create.

"Number 1 is actually pretty legit, which is TransCanada now has to go full bore on Keystone XL", he said.

President and CEO Russ Girling said Thursday morning in Calgary that the company will inform Canada's pipeline regulator, the National Energy Board (or NEB), and Quebec's Environment Department that "we will no longer be proceeding" with the projects.

"We understand that it is driven by a broad range of factors that any responsible business must consider".

Energy East would have given oil producers in Alberta and Saskatchewan, who are heavily dependent on buyers in the US, another market for their crude by carrying about 1.1 million barrels a day to refineries and a marine-shipping terminal in eastern Canada.

TransCanada had hit regulatory hurdles even before the greenhouse gas assessment was announced.

August 19, 2015: TransCanada says concerns raised about Energy East in a report about the potential impact of the project on whales and some fisheries in the Bay of Fundy are unfounded.

Canada's Natural Resources Minister Jim Carr said the cancellation was a business decision and oil markets had changed since the pipeline was first proposed.

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

TransCanada's statement didn't blame either the regulatory process or low oil prices for its decision, which will result in a non-cash charge of about $1 billion in its fourth-quarter financial results.

"That said, we do have a position in all other pipeline projects, and no single pipeline will impact our ability to grow", Seetal said.

Greenpeace and other environmental groups also claimed a victory for those who believed there was "no social value in the project" in a world fighting climate change.

He says the project was never properly explained to Quebecers.


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