TransCanada Terminates Energy East Pipeline and Eastern Mainline Projects

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TransCanada Terminates Energy East Pipeline and Eastern Mainline Projects

TransCanada Corporation is no longer proceeding with its proposed Energy East Pipeline and Eastern Mainline projects.

President and CEO Russ Girling said in a statement Thursday morning following an in-depth analysis of the new requirements, they will inform the National Energy Board that they will not pursue their applications.

“We appreciate and acknowledge the support of the trade union, manufacturing and commercial organizations, the industry, our clients, Irving Oil, the various levels of government and the more than 200 municipalities that have passed resolutions for projects. Above all, we thank Canadians across the country who have contributed to the development of these initiatives.”

Last month, TransCanada announced they were looking for a 30-day suspension of the applications due to the National Energy Board's changes in their review of the two proposed projects. This came after the NEB said they would look at the environmental impacts of oil spills, potential consequences, proposed mitigation and response measures, as well as upstream and downstream greenhouse gas emissions, and the potential market impacts these gas reduction targets could have on the economic viability of the projects.

The company expects an estimated $1 billion after-tax non-cash charge will be recorded in fourth quarter results.

The Energy East Pipeline was supposed to carry bitumen resources from Alberta to Saint John, New Brunswick giving access to Atlantic markets. While the Eastern Mainline Pipeline would have seen a new gas pipeline and related components in Ontario.

– With files from Jaryn Vecchio
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