Economy

NewsAlert:TransCanada says it's cancelling Energy East pipeline project

NewsAlert:TransCanada says it's cancelling Energy East pipeline project”

As a result of its decision not to proceed with the proposed projects, TransCanada is reviewing its approximate C$1.3 billion carrying value, including allowance for funds used during construction or AFUDC capitalized since inception.

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.

The decision comes after Canada's national energy regulator expanded its review of the projects in August.

The project was a 4,600 kilometre pipeline that would have carried up to 1.1 million barrels of crude oil a day.

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.

Gallant goes on to say he has expressed support for the project over the last few years, while personally speaking with every member of the federal cabinet about its merits for both New Brunswick and the country. A final decision on whether to build the line is pending. The decision won't affect the company's dividend because its growth forecast didn't include those projects, he said.

The industry is also supporting expansions of two other pipelines, the Trans Mountain line to Vancouver harbour, and Enbridge Inc.'s rebuild of its Line3 export line to the U.S.

"We understand that [the decision] is driven by a broad range of factors that any responsible business must consider".

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

Its supporters said Energy East was necessary to expand Alberta's markets and decrease its dependency on shipments to the United States.

"We believed if TransCanada continued with the process, the project would be approved".



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