NewsAlert: TransCanada cancels Energy East pipeline project

NewsAlert: TransCanada cancels Energy East pipeline project

In a statement released by TransCanada, the company said it is now reviewing the company's $1.3 billion carrying value. Many environmental groups opposed the pipeline as well. The pipeline, which drew pointed opposition in Quebec, was undergoing an environmental review in that province.

The premiers of Alberta and New Brunswick say they're disappointed by TransCanada's cancellation of the Energy East pipeline, which would have connected their two provinces. October 5, 2017 amidst an unprecedented announcement from the National Energy Board that it would include upstream and downstream greenhouse gas emissions in its review of the pipeline. This marked a first for the board, which had come under fire for not considering climate impacts in other pipeline hearings.

New Brunswick Premier Brian Gallant expressed disappointment in the cancellation and said he blames the company's decision on world market conditions and the negative impact of lower oil prices.

"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".

TransCanada Corp. has cancelled its $15.7-billion proposed Energy East pipeline, with CEO Russ Girling citing non-specific "changed circumstances" Thursday morning.

The Calgary-based company (TSX:TRP) had announced last month that it was suspending its efforts to get regulatory approvals for the mega project. That pipeline, however, is now locked up in lawsuits, and the B.C. government is intervening in challenges to its approval.

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The decision, almost a month after the company halted regulatory applications for the project in the face of tough official scrutiny, is a blow to the ailing economy of the New Brunswick province and heads off a broader political row over the project.

TransCanada says it will inform the National Energy Board that it will no longer be proceeding with its applications for both pipelines. Several global companies have sold off oilsands projects in the past year. Where charges of environmental negligence followed the approvals of the Trans Mountain and Line 3 projects, this time the government was savaged for being soft on jobs and economic growth.

September 9, 2016: The National Energy Board sidelines all three Energy East reviewers following complaints that two of them met privately with a TransCanada consultant the year before and discussed the proposed oil pipeline.

He did say, though, that the country needs to better understand why the pipeline was cancelled. 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.

Oil prices have roughly halved since 2014.

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