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TransCanada Terminates 15.7 Billion Dollar Energy East Pipeline

Business  (tags: TransCanada, Energy East Pipeline, Abandoned, Canada, USA, North America, business, energy, environment, GoodNews, money, news, oil, politics, society, world )

- 316 days ago -
TransCanada Corp said today it would abandon its Energy East and Eastern Mainline pipeline projects, following tough review by CanadaâEUR(TM)s energy regulator Vancouver Sun, October 5, 2017 Good News.

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Fiona Ogilvie (565)
Thursday October 5, 2017, 3:33 pm
TransCanada Corp. has scrapped its Energy East Pipeline and Eastern Mainline projects, oil and natural gas conduits that have faced regulatory hurdles in Canada and stiff opposition from environmental groups.

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 projects, TransCanada expects “no recoveries of costs from third parties.” The Energy East link to Canada’s Atlantic Coast carried a $15.7 billion price tag.

Energy producers in Alberta had hoped the 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 for more time to review environmental assessment factors.

“TransCanada was forced to make the difficult decision to abandon its project, following years of hard work and millions of dollars in investment,” the Canadian Energy Pipeline Association, an industry group, said in a statement. “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.”

Much more information on this good news is on site. Map of pipeline and photos onsite.

Please note, comment, and forward.

Kathleen Mireault (211)
Thursday October 5, 2017, 5:34 pm
Noted. Thx for sharing Fiona. Wish the filthy corporation would go belly up...

Fiona Ogilvie (565)
Thursday October 5, 2017, 5:44 pm
Kathleen, thank you for your comment. When I lived in Vermont, we (58,000 Vermonters including Bernie Sanders) did a few things to possibly contribute to this filthy corporation going belly up....

Dogan O (2)
Thursday October 5, 2017, 11:52 pm
noted, thanks for the good news...

Ben O (141)
Friday October 6, 2017, 9:32 am
Good news are hard to find these days...

Ed Site Issues V (198)
Friday October 6, 2017, 11:33 am
Noted, Thanks

Janis K (126)
Friday October 6, 2017, 8:47 pm
Thanks for sharing.

Barb SiteIssues V (202)
Saturday October 7, 2017, 11:56 am
Noted, Thank you

Raleighaway k (356)
Sunday October 8, 2017, 5:24 am
Thanks for sharing

Peggy B (43)
Sunday October 8, 2017, 9:35 am
Good news.

Ruth R (246)
Saturday October 14, 2017, 5:56 pm
Thank You!
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