Swift reaction was felt throughout Canada Thursday morning after TransCanada’s announcement to cancel plans for the Energy East pipeline and Eastern Mainline projects.
Conservative M-P Lisa Raitt says TransCanada’s decision to cancel the project is the result of Prime Minister Justin Trudeau’s “disastrous” energy policy.
TransCanada shares were essentially flat on the Toronto Stock Exchange following its announcement..
The pipeline would have carried Alberta oilsands production as far east as an Irving Oil operation in Saint John, New Brunswick.
The route would have travelled through southern Saskatchewan in existing pipelines which were being converted to oil.
- Loss of Energy East project “devastating”, says Regina Chamber CEO
- TransCanada cancels plans for Energy East Pipeline; portion to have run through Sask.
Regina Mayor Michael Fougere calls this announcement an opportunity lost. Fougere says he doesn’t question TransCanada’s decision to terminate the Energy East Pipeline, calling it a business decision.
“We are nowhere close to having energy independence,” Fougere said. “We should have that. We’ll be getting oil from countries that have questionable human rights records and environmental stewardship is questionable. This is not a good day for Canada.”
Regina’s mayor says the project was innovative in how we were going to get the oil from Alberta — through Saskatchewan — to tide water.
“We’re talking about an opportunity lost,” Fougere said. “We’re talking about generating close to 17-billion dollars of new GDP over the construction period and 39- billion over the 20-year period. A loss of 14-thousand jobs-per-year for the construction period. Over 3-thousand full-time jobs when it’s completed.”
Fougere says the project to take crude from Alberta and send it to eastern refineries was needed — now.
“It was very innovative in how we were going to get our oil to tide water,” Fougere said. “To international waters to support our economy here. But at a time when our economy is somewhat tender and is not growing as fast as it could be, this is not helpful. In fact, it’s quite harmful to our economy.”
TransCanada’s statement didn’t blame either the regulatory process or low oil prices for its decision.