TransCanada Terminates Energy East Pipeline

TransCanada terminates Energy East project

TransCanada terminates Energy East project

In late August, the National Energy Board - an independent regulatory agency that oversees global and inter-provincial oil and gas pipelines - announced it would consider upstream and downstream greenhouse gas emissions in determining whether the Energy East pipeline was in the national interest.

October 5, 2017: TransCanada announces it is no longer going ahead with the Energy East pipeline project. He said his province wasn't banking on Energy East - but having certainly wouldn't have hurt.

According to the Natural Resources Defense Council, the US$15.7-billion pipeline would have transported 1.1 million barrels per day of mostly tar sands oil from Alberta to St. John and would bring a significant increase in carbon pollution-equivalent to the annual emissions of as many as 54 million passenger vehicles-and lock in high-carbon infrastructure expected to operate for at least 50 years.

He added that TransCanada will also withdraw from a Quebec environmental review.

The shuttering of the Energy East pipeline, however, is a major victory for environmental groups, who have long fought against the so-called Keystone XL on steroids.

Saskatchewan Premier Brad Wall says the reasons for the decision fall at the feet of Prime Minister Justin Trudeau and the federal government.

TransCanada said it will record a non-cash charge of about $1 billion in its fourth-quarter financial results, reflecting the reduced carrying value of the projects.

When it was announced in 2013, Energy East was hailed as a nation-building project that would unlock Canadian exports and boost economic growth along its route.

Energy East would have carried oil from Alberta and Saskatchewan to refineries on the east coast for processing, and shipment overseas.

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TransCanada President and Chief Executive Officer Russ Girling delivered the company's verdict on the project in a statement released Thursday morning.

The largest pipeline proposal in Canadian history met a bitter end this week, leaving behind a trail of delighted environmentalists, deeply disappointed industry stakeholders, and carefully measured government responses.

However, New Brunswick Premier Brian Gallant told the Globe and Mail he received assurances from Ottawa that the greenhouse gas assessment didn't represent an insurmountable hurdle for TransCanada.

Quebec politicians, along with Indigenous and environmental groups, welcomed the project's demise, branding it as a harbinger of the inevitable death of fossil fuels and a reminder of the need for further green energy development.

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

That Trans Mountain approval happens to be under a legal microscope this week as Indigenous and environmental groups and BC cities argue the process failed to take into account the impact the pipeline could have on everything from killer whales to waterways.

Jean, one of two UCP MLAs in the oil heartland of Fort McMurray, also pointed his finger at Notley and the provincial government.

"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.

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