Oil Patch Grapples With TransCanada Mess

Oil Patch Grapples With TransCanada Mess

Oil Patch Grapples With TransCanada Mess

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.

"Something needs to change".

"It's a good day for the planet really", said Regional Chief Ghislain Picard of the Assembly of First Nations of Quebec-Labrador.

The Energy East has faced fierce opposition in some communities along the pipeline's route and from some indigenous groups. "Given increasing public interest in GHG emissions, together with increasing governmental actions and commitments (including the federal government's stated interest in assessing upstream GHG emissions associated with major pipelines), the Board is of the view that it should also consider indirect GHG emissions in its [National Energy Board] Act public interest determination for each of the Projects".

Girling assured investors that he expects TransCanada will continue to focus on its $24-billion near-term capital program, which he said will support growth in its annual dividend.

"This is not up to me to explain why the company took this decision".

In the summer of 2016, the National Energy Board's review of Energy East was compromised after it was revealed by the National Observer that former Quebec Premier Jean Charest met the chairman and two commissioners on the National Energy Board while working for TransCanada.

"Energy, pipeline and climate issues have been among the most highly charged political debates in Canada for several years", said Abacus chairman Bruce Anderson.

If he had seen the light of day, the pipeline Energy Is reported to have transported each day, 1.1 million barrels of crude oil from Alberta or Saskatchewan to destination refineries in eastern Canada and a port terminal in New Brunswick, a distance of 4500 kilometers.

Of the cancellation, Green Party leader Elizabeth May added: "Today's announcement from TransCanada to cancel plans for the Energy East pipeline will be celebrated by many Canadians - those who understand that transporting toxic diluted bitumen (dilbit) across pristine areas, and that exporting bitumen to offshore refineries, is a poor business model".

Alberta Premier Rachel Notley called the demise of both pipelines "an unfortunate outcome for Canadians".

The decision to abandon the project comes amid low oil prices and an expected slow-down in oilsands production.

Duplisea agreed that the level of uncertainty made it impossible for the company to proceed with the application.

Calgary-based TransCanada (TSX:TRP) announced last month that it was suspending its efforts to get regulatory approval for the pipeline. The company said back then that it wanted to review the National Energy Board's August decision to toughen the pipeline project assessment procedure.

Jean singled out the mayor of Montreal, Denis Coderre, accusing politicians in the east of taking "pride and credit" when energy projects that would have benefited the country fall through. Fossil fuel investment is becoming less viable while renewable energy investment increases exponentially.

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