TransCanada terminates Energy East project

Alberta Premier Rachel Notley says TransCanada's decision to pull the plug on the Energy East pipeline is "unfortunate".

TransCanada President and Chief Executive Officer Russ Girling said in a statement that the company will inform the National Energy Board of its decision.

Energy East would have carried 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 B.C. government doesn't share her view, however, and is now part of a court challenge against Trans Mountain being heard this week.

"This decision highlights the importance of diversifying market access and the subsequent national priority that must be placed on the Trans Mountain expansion project", Notley said in a statement.

"We look forward to seeing that certainty in place soon", she said.

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.

Environmental Defence, one of the main groups campaigning against the project, said new pipelines could not be justified at a time of declining investment in the tar sands, pipeline overcapacity, and a transition to renewable energy.

"Saint John is not a one-project town".

Pipelines in Western Canada, which holds the world's third-largest crude reserves largely in Alberta's oilsands, can carry about 3.3 million barrels of crude a day, according the the Canadian Association of Petroleum Producers, or CAPP.

There was jubilation in some quarters on Thursday, with Montreal Mayor Denis Coderre tweeting that the project's abandonment is a major victory.

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.

Analysts said the decision to abandon it was already priced into the stock.

Energy Minister Jim Carr defended the government by citing the green lights for Trans Mountain and Line 3, and insisting that the TransCanada decision was a "business decision" influenced by the state of commodity prices.

Suncor Energy Inc. (TSX:SU), Canada's largest oil, gas and refining company by market capitalization, had hoped Energy East would allow it to replace USA and offshore oil at its 137,000-barrel-per-day Montreal refinery, said spokeswoman Sneh Seetal.

October 5, 2017: TransCanada announces it is no longer going ahead with the Energy East pipeline project.

"His actions and his government's actions may well have some westerners wondering if this country really values western Canada, the resources we have, and the things we do to contribute to the national economy and to quality of life for all".

"Again it shows how local governments can make a difference", Coderre explained.

August 19, 2015: TransCanada says concerns raised about Energy East in a report about the potential impact of the project on whales and some fisheries in the Bay of Fundy are unfounded.

Oil prices have roughly halved since 2014.

Last month the company revealed that it was suspending efforts to get regulatory approval.


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