Irving Oil Says Decision to Cancel Energy East Is a Lost Opportunity

TransCanada abandons Energy East pipeline project

TransCanada said last month it could abandon the project, weeks after Canada's National Energy Board (NEB) announced a tougher review process that would take into account indirect greenhouse gas contributions among other factors.

Alberta Premier Rachel Notley called the demise of both pipelines "an unfortunate outcome for Canadians".

"But there is no doubt that with the Energy East pipeline project we would have been able to do even more to grow the economy, strengthen education and improve health care in our province".

With the cancellation of Energy East, Notley emphasized the importance of Kinder Morgan's Trans Mountain expansion pipeline, which has been approved by the federal government to ship oil from Alberta to the West Coast.

Meanwhile, Montreal Mayor Denis Coderre celebrated the Energy East announcement on Thursday, suggesting in a series of tweets that citizen groups and local politicians from the Montreal-area played a key role in putting a stop to the project.

"The National Energy Board needs to send a clear message on what the future of project reviews look like in Canada", she said.

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

TransCanada Corp. has cancelled its $15.7-billion proposed Energy East pipeline, with CEO Russ Girling citing non-specific "changed circumstances" Thursday morning.

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. He also rejected criticism that the changes to the rules of assessment of the pipeline project have precipitated the abandonment of the project. Where charges of environmental negligence followed the approvals of the Trans Mountain and Line 3 projects, this time the government was savaged for being soft on jobs and economic growth.

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Canada's Natural Resources Minister Jim Carr said the cancellation was a business decision by TransCanada given oil market conditions had changed since the pipeline was first proposed.

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

New Brunswick Premier Brian Gallant didn't mask his disappointment. Several worldwide companies have sold off oilsands projects in the past year.

It will now inform the federal and provincial regulators that it will no longer be proceeding with its applications for the projects.

"Energy, pipeline and climate issues have been among the most highly charged political debates in Canada for several years", said Abacus chairman Bruce Anderson.

Montreal Mayor Denis Coderre said the TransCanada announcement was "a handsome victory" against a "botched" pipeline project.

Energy infrastructure firm TransCanada has abandoned two major Canadian pipeline projects.

"Make no mistake, other companies' decisions to invest in Canada will be informed by this debacle".

Oil prices have roughly halved since 2014.

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