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QuickQuotes: what's being said about the end of TransCanada's Energy East
06 October 2017, 12:36 | Kara Nash
TransCanada Ends Two Pipeline Projects, Citing 'Changed Circumstances'
"Irving Oil Limited, TransCanada's partner on the Energy East pipeline project, said Canada has missed out on a once-in-a-lifetime opportunity" with TransCanada's decision not to proceed with the application to build the Energy East pipeline.
"TransCanada knows that Energy East would never receive approval if all its climate pollution was taking into account", Adam Scott, a senior campaigner with Oil Change International, a nonprofit research and advocacy group that looks at the impacts of fossil fuels, told ThinkProgress.
Nonetheless, this is an unfortunate outcome for Canadians.
On 7 September the Alberta-based company asked the National Energy Board (NEB) for a 30-day suspension of the two project applications.
The decision to scrap the C$15 billion ($12 billion) project came almost a month after the company asked regulators to suspend the application process in the face of tough official scrutiny. It said there would be no costs recovered from third parties. "Given the potential benefits of this project for our nation, we believe the reasons for its demise should be carefully examined and discussed in an effort to protect and ensure a strong and secure Canadian economy in the future". A report released by the Conservation Council of New Brunswick said noise from tanker traffic causes heightened levels of stress for the North Atlantic right whale, the most endangered large whale in the world. Many environmental groups opposed the pipeline as well.
December 17, 2015: TransCanada files an amended application and cost estimate of $15.7 billion for Energy East.
The company expects an estimated $1 billion after-tax non-cash charge will be recorded in the company's fourth quarter results.
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.
Environment Minister David Heurtel says he wanted the $15.7-billion project to be subject to the province's environmental regulations.
If all of those three projects go through, Western Canada will have enough pipeline capacity to move 5.7 million barrels of crude per day by the end of 2020, Genscape forecasts.
The National Energy Board ended up suspending the hearings into the proposed 4,500-kilometre pipeline and selecting a new panel. It was first proposed in 2013.
The Canadian Energy Pipeline Association and others blamed TransCanada's decision on Ottawa's "unclear decision-making process".
It also said it would probe the "upstream and downstream" greenhouse gas emissions and the possible impact of the emission reduction targets on the economic viability of the projects.
But the company in recent years has dealt with a fall in the price of crude oil, which is now hovering around $50 a barrel, down from almost $100 a barrel in mid-2014.
In late August, the National Energy Board - an independent regulatory agency that oversees worldwide 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.
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