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RCO





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PostPosted: Thu Oct 05, 2017 7:37 am    Post subject: TransCanada ends plans for Energy east pipeline Reply with quote

( more devastating news for Canada's oil and gas sector , the energy east pipeline to NB appears to be dead )


TransCanada terminates plan for $15.7 billion Energy East pipeline

TransCanada Corp said today it would abandon its Energy East and Eastern Mainline pipeline projects, following tough review by Canada’s energy regulator



TransCanada President and Chief Executive Officer Russ Girling.Canadian Press



Bloomberg News

Meenal Vamburkar


October 5, 2017
8:23 AM EDT



TransCanada Corp. is scrapping plans to build the Energy East Pipeline and Eastern Mainline projects, oil and natural gas conduits that have faced regulatory hurdles in Canada.

As a result of the decision, TransCanada expects an estimated $1 billion after-tax, non-cash charge to be recorded in the fourth quarter, the company said in a statement Thursday. Because regulators failed to reach a decision on the project, TransCanada expects “no recoveries of costs from third parties.”

Energy producers in landlocked Alberta had hoped the TransCanada projects would help them diversify their markets, with most of the existing pipeline network linking the energy-rich province to the U.S. Midwest and Gulf Coast. Last month, TransCanada sought a 30-day suspension of the project applications, seeking time to review environmental assessment factors for the project.

“After careful review of changed circumstances, we will be informing the National Energy Board that we will no longer be proceeding with our Energy East and Eastern Mainline applications,” Calgary-based TransCanada said Thursday in a statement.

In January, the National Energy Board voided previous decisions on the Energy East application, forcing the company to start the hearing process from the beginning shortly after competing pipeline projects have been approved. The change came after the regulator’s previous hearing panel stepped down amid accusations of bias.

Energy East would carry about 1.1 million barrels of oil a day from Alberta and Saskatchewan to eastern Canadian refineries and a marine terminal in New Brunswick, on Canada’s Atlantic Coast. The Eastern Mainline project would add new gas pipeline and compression facilities to an existing system in Southern Ontario, where most of the country’s home and industrial gas consumers are located.



The west-to-east pipeline project was first proposed in 2013, when the prospects for the company’s Keystone XL pipeline connecting Alberta to the Gulf Coast looked bleak.

TransCanada filed its original application to the National Energy Board in 2014, and an amended version in 2015.

The last estimate of the cost of the project was $15.7 billion

http://business.financialpost......t-pipeline
RCO





Joined: 02 Mar 2009
Posts: 6506
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votes: 3
Location: Ontario

PostPosted: Thu Oct 05, 2017 7:38 am    Post subject: Reply with quote

TransCanada won't proceed with Energy East pipeline


CBC News Posted: Oct 05, 2017 7:49 AM ET| Last Updated: Oct 05, 2017 8:13 AM ET

Breaking news
Breaking news (CBC)



TransCanada says it won't proceed with its Energy East pipeline and Eastern Mainline proposals.

Russ Girling, the Calgary-based energy company's CEO and president, said in a statement that National Energy Board and Quebec officials will be informed TransCanada won't go forward with the applications.

The proposed Energy East project would have carried oil from Alberta and Saskatchewan to New Brunswick.

New Brunswick Premier Brian Gallant said in a statement that the company's decision not to move forward is "not good news" for those who wanted to see the pipeline built, including the provincial government.

"Like many New Brunswickers, we are disappointed. The project would have created jobs in New Brunswick and helped the Canadian economy," Gallant said.


The move comes nearly a month after it suspended its application to the National Energy Board (NEB) and hinted it might decide not to pursue the project in light of the regulator's new, tougher review process.

TransCanada said at the time it wanted to conduct a "careful review" of the new assessment process to gauge its effect on the costs, schedules and viability of the pipeline.


It was granted a 30-day suspension, which was set to expire Sunday.


http://www.cbc.ca/news/busines.....-1.4338227
RCO





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PostPosted: Thu Oct 05, 2017 1:01 pm    Post subject: Reply with quote

Conservatives savage Liberal government over cancelled Energy East pipeline


By The Canadian Press — Oct 5 2017



OTTAWA — The Opposition Conservatives are tearing a strip off the Liberal government over TransCanada's decision to cancel the Energy East pipeline project.

Deputy Tory leader Lisa Raitt is blaming the decision squarely on what she described as the "disastrous" Liberal policies of Prime Minister Justin Trudeau.

"Today is the result of the disastrous energy policies promoted by Justin Trudeau and his failure to champion the Canadian energy sector," Raitt told a news conference on Parliament Hill.

New Liberal regulations on Canadian energy projects have forced companies to adhere to standards not enforced in other countries, giving exporters in Venezuela, Saudia Arabia and Algeria a competitive advantage, she continued.

"Justin Trudeau claims to support the middle class, but the truth is that the very people that the prime minister is claiming to help are the people most hurt by his misguided policies."


Energy Minister Jim Carr shrugged off Raitt's broadsides, insisting that the TransCanada decision was motivated entirely by business considerations influenced by the state of commodity prices. He also noted that the government already approved two other projects, the Trans Mountain and Line 3 expansions.

"I guess their role as the official Opposition is to try to score partisan political points," Carr said.

"I think it's my role to explain the government of Canada's position, nor should we be involved in some kind of race to the bottom comparing oil exports and imports from one country to another.... the regulatory process, which is our responsibility as the government of Canada, is unchanged and I think that's the most important point to make."

Carr pointed to the Trans Mountain expansion and the Line 3 project, both of which he said represent more than $11.6 billion in investment that will support "thousands" of jobs.

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

The $7.4 billion pipeline, a project by a subsidiary of Kinder Morgan, is aimed at more than doubling the capacity of an existing line between Edmonton and Burnaby, B.C. The $7.5-billion, 1,660-kilometre Line 3 project by Enbridge Inc., meanwhile, would expand an existing pipeline between Hardisty, Alta., and Wisconsin, the goal being to increase export capacity to Chicago, the U.S. Gulf Coast and eastern refineries in both countries.

"Our government would have used the same process to evaluate the Energy East pipeline project that saw the Trans Mountain expansion and Line 3 projects approved," said Carr. "Nothing has changed in the government's decision-making process."

There are signs of growth in the energy sector despite "market challenges" fostered by the persistently low price of oil, he added.

"Canada is open for business. We offer a stable and predictable investment climate, world-class energy reserves, proximity to global markets, a skilled workforce and enabling services and technology."

Energy East had been proposed as a way to move Alberta oilsands production as far east as an Irving Oil operation in Saint John, N.B.

Supporters say Energy East was necessary to expand Alberta's markets and decrease its dependency on shipments to the United States. Detractors raised questions about the potential environmental impact.

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

It will now inform the federal and provincial regulators that it will no longer be proceeding with its applications for the projects.

"After careful review of changed circumstances, we will be informing the National Energy Board that we will no longer be proceeding with our Energy East and Eastern Mainline applications," CEO Russ Girling said in a statement.

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


https://www.nationalnewswatch.com/2017/10/05/conservatives-savage-liberal-government-over-cancelled-energy-east-pipeline-3/#.WdZzXEn2Zjp
RCO





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PostPosted: Thu Oct 05, 2017 6:33 pm    Post subject: Reply with quote

'Deeply disappointed:' Premiers say loss of Energy East pipeline bad for West



The Canadian Press
Published Thursday, October 5, 2017 3:07PM EDT



REGINA -- The premiers of Alberta and Saskatchewan say Energy East would have been a nation-building project and that TransCanada's decision to cancel the pipeline is a bad day for the West.

Alberta Premier Rachel Notley says Energy East -- which would have carried Alberta oil to tidewater -- would have benefited all of Canada with new jobs, investment, energy security and the ability to displace imported oil.

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





Supporters, opponents clash as 'changed circumstances' stop Energy East pipeline


Wall says they've been "at best, ambivalent about the project" and then changed the rules for the regulator review at the last moment.

He says the expectation from the federal government, and some powerful central Canadian interests, is that the West "will just grin and bear this latest blow" to its economy and people.

Calgary-based TransCanada said it's abandoning the project after a careful review of changed circumstances.

"We have a company that committed more than a billion dollars to a project and made earnest efforts to address the concerns of the public and regulators. A company that made 700 changes to its plans as part of that response," Wall said in a statement Thursday.

"Make no mistake, other companies' decisions to invest in Canada will be informed by this debacle."

Supporters say Energy East was necessary to expand Alberta's markets and decrease its dependency on shipments to the United States. Detractors raised questions about the potential environmental impact.

"We are deeply disappointed by the recent decision from TransCanada," Notley said in a statement. "We understand that it is driven by a broad range of factors that any responsible business must consider. Nonetheless, this is an unfortunate outcome for Canadians."

Notley suggested more clarity is needed going forward.

"The National Energy Board needs to send a clear message on what the future of project reviews look like in Canada," she said.

"Our government understands that deliberation on upstream emissions and land-use integrity is important and must continue. Investors need confidence and we look forward to seeing that certainty in place soon."


http://www.ctvnews.ca/politics.....-1.3620952
Bugs





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PostPosted: Sat Oct 07, 2017 9:21 am    Post subject: Reply with quote

Quote:
"We have a company that committed more than a billion dollars to a project and made earnest efforts to address the concerns of the public and regulators. A company that made 700 changes to its plans as part of that response," Wall said in a statement Thursday.

"Make no mistake, other companies' decisions to invest in Canada will be informed by this debacle."


Yup...
RCO





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Location: Ontario

PostPosted: Thu Oct 12, 2017 9:00 am    Post subject: Reply with quote

Politicians criticize Trudeau’s reaction to critics of Energy East demise


By Will LeRoy — The Canadian Press — Oct 10 2017


Federal Conservative Leader Andrew Scheer says Prime Minister Justin Trudeau should not go after critics of the cancelled Energy East pipeline project, but should look to his own actions.

Scheer spoke in Edmonton about Trudeau’s recent social media comments accusing those critics of using the project’s demise to pit regions of Canada against each other.

“I just find it odd that every time the prime minister makes a decision where Canadians are upset by the result of that, that he somehow blames them,” Scheer said Tuesday. “There are a lot of people upset with the decision to kill Energy East.”

Scheer said the issue does not stoke divisions because all of Canada would have benefited from the project, including oil workers in Alberta, trades workers in Central Canada and refinery workers in New Brunswick.


https://www.nationalnewswatch.com/2017/10/10/politicians-criticize-trudeaus-reaction-to-critics-of-energy-east-demise-3/#.Wd91XEn2Zjq
Bugs





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Posts: 4271
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PostPosted: Thu Oct 12, 2017 10:57 am    Post subject: Reply with quote

Just the kind of low-keyed response that will go unnoticed.

It's almost as if we never had a leadership race, isn't it? Scheer comes out with this conversational gambit -- as a response to a major infrastructure project being closed down. Scheer gives us no sense that this is bad news, in an economy that already feels like it's sagging.

It seems like all the announcements are about plants closing. Goodyear is closing in Woodstock, for example, and we agree to pay Netflix for some jobs, while we suffer the commercial consequences of Bombardier. (We are protected, Justin might say, because the subsidies we paid protected jobs in Ireland, and why should French-Canadians care if the lost jobs are in Dublin?) The auto industry is slowing down, closer to home. The local plants that make parts are cutting back hours.

This is a big project being abandoned, at least in part by the weight of government over-regulation. This is one of those situations where some chickens have come home to roost. Someone should be getting roasted.

Didn't our loser PM promise us a more dynamic economy that Harper produced? Isn't that what justifies the new debt?

Scheer responds by pointing out that Trudeau never accepts personal responsibility. Imagine that! A politician that blames others! Glimpses of the bleeding obvious! Who cares?

If they had awards for politicians, this comment could be entered in a category of Least effective way to highlight a failed government policy by an opposition politician -- and win!

What we have on our hands with Andrew is the anti-Trump. Where Trump can simplify an issue down to a one-line tweet that grabs massive attention and actually turns opinion around, our Andrew (once again) pisses the opportunity away by muttering something most people won't even be bothered to figure out.

Contemplate this: Trump has taken on the NFL and the players, and taken the issue away from them. They were protesting the police wanton shooting of black folks, and now it's about the flag and patriotism. That's a 180-degree change in opinion with a few tweets. and a TV show appearance or two. Contrast that with our Andrew, who has failed to make hay out of some real failures of the Trudeau administration.

Time and time again, our Andrew goes for the capillaries, ignoring the jugular -- apparently because it would be upsetting and too messy to really treat his job like he's in an actual struggle for power.

He seems constitutionally incapable of "branding" Trudeau -- which, of course, is the main part of his job right now.

I wait, eagerly, to be proven wrong.
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TransCanada ends plans for Energy east pipeline

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