Published: Fri, October 06, 2017
Industry | By Dora Warner

TransCanada abandons Canada east-west pipeline bid

TransCanada abandons Canada east-west pipeline bid

With Energy East scrapped, Western Canada's producers are now counting on Kinder Morgan Inc.'s project to carry crude to the Pacific Coast, and TransCanada's Keystone XL to connect with U.S. Gulf Coast refineries.

Oil Change International estimated that the pipeline's construction would have created up to an additional 236 million tons of carbon pollution each year, multiplied over decades of operation.

"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".

TransCanada says it's canceling plans for the Energy East pipeline and Eastern Mainline projects.

Calgary-based TransCanada (TSX:TRP) announced last month that it was suspending its efforts to get regulatory approval for the pipeline.

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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"This is evidence of how a lack of clarity and an unclear decision-making process regarding pipeline projects in Canada are challenging the energy sector's ability to be competitive in the world market", the organization said in a release.

New Brunswick Premier Brian Gallant, another longtime champion of the Energy East project, joined Notley in expressing disappointment with TransCanada's decision.

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.

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.

The company said in a statement that "after a careful review of change circumstances", it would tell Canadian energy regulators and those in Quebec it was no longer pursuing the project.

The Energy East pipeline would have carried oil from Alberta and Saskatchewan to New Brunswick, and would have seen 612 kilometres of natural-gas pipeline in the province converted to transport 1.1 million barrels of crude oil a day to the Maritimes.

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

Alberta Premier Rachel Notley also decried Energy East's demise, calling it "an unfortunate outcome for Canadians" and saying that it would have reduced the nation's imports of foreign oil.

Watch below: Natural Resource Minister Jim Carr says the TransCanada decision to cancel the Energy East pipeline was not motivated by government policies, but rather changes in the markets and commodity prices.

"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.

"Today's announcement is not the result of a sudden decision by TransCanada".

"The NDP promised massive carbon taxes and caps on our oilsands would mean social licence and approval for our pipelines, but they have been proven wrong yet again", he said in a statement Thursday morning.

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