Mayor reacts to Energy East

TransCanada abandons Energy East pipeline project

Energy East, he said, would have provided eastern Canada with oil that was not extracted from countries with questionable human rights records.

"Our government has approved two major export pipelines that are now under construction, and a third is expected to start soon".

The Energy East pipeline would have carried oil from Alberta and Saskatchewan to New Brunswick, and would have seen 612 kilometres of natural-gas pipeline in the province converted to transport 1.1 million barrels of crude oil a day to the Maritimes.

TransCanada's decision is also a blow to the ailing economy of New Brunswick province, where the pipeline would have terminated.

As of Thursday, October 5th, 2017, the Energy East Pipeline project is no more.

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

TransCanada expects to book an estimated US$801 million (C$1 billion) after-tax non-cash charge in its fourth quarter results, following the decision to scrap the project. Named one of Canada's Top 100 Employers in 2017, Irving Oil operates Canada's largest refinery, in Saint John, New Brunswick, which is located 65 miles north of the USA border and has reached production rates in excess of 320,000 barrels per day. Crude oil prices have slipped near $50 a barrel and other commodities are weaker as the USA dollar found its footing.

Grand Chief Serge Simon, of the Mohawk Council of Kanesatake, said the fight by Indigenous People against other pipeline projects will continue.

TransCanada Corp. has cancelled its $15.7-billion proposed Energy East pipeline, with CEO Russ Girling citing non-specific "changed circumstances" Thursday morning. After President Donald Trump made headlines for reversing the Obama administration's decision not to permit the Keystone XL pipeline, the company suggested in July that it might not even go through with the project, which would bring tar sands oil south from Alberta through Montana, South Dakota, and Nebraska.

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 US and offshore oil at its 137,000-barrel-per-day Montreal refinery, said spokeswoman Sneh Seetal.

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

The demise of the pipeline comes less than a year after the Canadian government rejected another export pipeline, Enbridge Inc's Northern Gateway, and is a further setback for Canada's oil industry which is already hurting from low global crude prices.

"The abandonment of the Energy East project is a major victory for the municipal world", Coderre wrote. Nothing has changed in the Government's decision-making process.

TransCanada was opposed to that condition, forcing Quebec to file a court injunction to require the company to submit to its environmental review process.

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

The Nebraska Public Service Commission is reviewing the Keystone XL plans and has until November 23 to decide whether to approve or deny the project.

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