TransCanada abandons Energy East, Eastern Mainline projects

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TransCanada CEO Russ Girling said in a statement that the National Energy Board and Quebec will soon be informed that the company will not go forward with the application for the pipeline proposal that would have carried oil from Alberta to refineries in New Brunswick.

In its news release, TransCanada said it will record a non-cash charge of about $1 billion in its fourth-quarter results to account for funds invested in the failed venture. "So that's two tar sands expanding mega-pipelines stopped in their tracks but it will be a hollow victory if either Kinder Morgan, Line 3 or Keystone XL are allowed to steamroll over Indigenous opposition and serve as an outlet for even more climate-killing tar sands production". 7 for 30 days on the $15.7-billion route that would carry Alberta oilsands product from Hardisty to Saint John.

Quebec Environment Minister David Heurtel said TransCanada simply realized it didn't have much of a choice left but to abandon the project.

"The emissions associated with new pipelines are inconsistent with our climate imperative and the threat to waterways, wildlife, and lands was enormous".

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.

"We are proud of the hard work and commitment to the Energy East project shown by our employees and TransCanada over the last four years", said Whitcomb.

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The project has opened deep rifts in political circles, with New Brunswick and Alberta premiers expressing disappointment Thursday and Quebec politicians like Montreal Mayor Denis Coderre celebrating its demise.

"It is a good thing that Mr. Coderre's hypocrisy needs no pipeline for conveyance, for it would need to be very large and could never get approved for construction", he said. The same logic that killed Energy East should help kill Keystone XL. 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.

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

Irving Oil has worked with TransCanada on this project since it was first announced in 2013. Speaking to reporters Thursday morning in Montreal, he said the decision was also the result of leadership from his city and other municipalities who insisted on getting reforms to the National Energy Board to ensure a fair process.

It declined requests to provide context on those circumstances, but the Canadian Energy Pipeline Association (CEPA) tied the cancellation to a recent decision by Canada's federal regulator, to include upstream and downstream greenhouse gas emissions in its review of the project.

Carr shrugged off Raitt's criticism, saying there are signs of growth in the energy sector despite "market challenges" posed by sagging oil prices.

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