TransCanada cancels Energy East pipeline

TransCanada

May 13, 2015: More than 60 organizations call on the National Energy Board to suspend TransCanada's application for the Energy East Pipeline.

February 3, 2016: The National Energy Board directing TransCanada to rework its application to build the contentious Energy East pipeline because the document is too hard to understand - even for experts.

"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".

Canadian pipeline company TransCanada said Thursday it was cancelling its plans for its Energy East pipeline overhaul after careful review.

"Whether they like it or not, governments and industry can't ignore us anymore".

The Canadian National Energy Board told the company in late August that the projects' environmental reviews would look at the total lifecycle greenhouse gas (GHG) emissions associated with the projects - including from extracting, processing, transporting, refining, and eventually burning the fossil fuels.

March 1, 2016: National cohesion on Energy East drifts further out of reach after the Quebec government announced plans to seek an injunction against TransCanada.

Alberta premier Rachel Notley also lamented its demise, while opponents in Quebec rejoiced and praised citizen groups that played a key role in the fight against the pipeline. "The loss of this major project means the loss of thousands of jobs and billions of dollars for Canada, and will significantly impact our country's ability to access markets for our oil and gas".

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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 project - involving the conversion of a natural gas conduit from Alberta to Quebec and the construction of new pipes on the last leg to New Brunswick - was first proposed in 2013 when oil prices were near US$100 per barrel.

He said Coderre leads a city that used to use a pipeline to dump raw sewage into the St. Lawrence Seaway, and added "When Coderre cheers for the end of this pipeline, he cheers for the imported oil we buy from Saudi Arabia, where women can now drive, but the public beheadings continue".

Notley said although the decision was driven by a broad range of factors, it was an "unfortunate outcome for Canadians". (TSX:TRP) has cancelled its $15.7-billion proposed Energy East pipeline, cutting off a potential conduit to bring more western Canadian oil to eastern refineries and overseas export markets.

TransCanada's statement didn't blame either the regulatory process or low oil prices for its decision, which will result in a non-cash charge of about $1 billion in its fourth-quarter financial results.

"As far as we're concerned, the whole criteria around social acceptability of major projects has become more and more important in terms of how we evaluate projects like Energy East and others".

TransCanada made the announcement Thursday.

It allowed them to avoid past criticism from environmental groups over other successful pipeline projects, but exposed them to criticism they are soft on job creation and investment.

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