Alberta Government, TC Energy reach agreement to terminate Keystone XL Pipeline Project

Keystone XL- Image from CHATNews			By Connor Gunn	
		Alberta terminates involvement with Keystone XL project				Jun 9 2021 | 3:07 PM

Keystone XL- Image from CHATNews By Connor Gunn Alberta terminates involvement with Keystone XL project Jun 9 2021 | 3:07 PM

Canada's TC Energy said Wednesday it has terminated the Keystone XL Pipeline project, throwing in the towel on a controversial initiative opposed by the Biden administration.

The announcements come after USA president Joe Biden signed an executive order to revoke the pipeline's permit on his first day in office in January - a move he had promised during his election campaign.

TC Energy Corp announced they would cancel the Keystone XL pipeline Wednesday.

"Having said this, Alberta will continue to play an important role in a reliable, affordable North American energy system", he says in the release.

In a release Wednesday, Alberta Premier Jason Kenney said his government and TC will continue to explore avenues to recoup the province's investment in the project, and reiterated his opposition to the permit revocation.

Alberta's investment in the Keystone pipeline included $1.5 billion in equity investment and a $6 billion loan guarantee in 2021.

The move comes months after President Joe Biden revoked a key permit for the pipeline.

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On Wednesday, he said the province will still work with US partners to play a role in meeting American energy demands.

If completed, the 1,897-kilometre pipeline, first announced in 2005, would have carried 830,000 barrels of crude a day from the oilsands in Hardisty, Alta., to Nebraska.

The company said it would continue to look for opportunities in the energy transition and in powering existing US assets with renewable energy.

"We invested in Keystone XL because of the long-term economic benefits it would have provided Albertans and Canadians", said Minister of Energy Sonya Savage.

The Alberta government expects losses to be within the range of $1.3B.

According to projections from the Canadian Energy Regulator, the combination of the Trans Mountain Expansion Project, Enbridge Inc.'s Line 3 replacement and Keystone XL - along with existing pipeline capacity - would exceed total Canadian crude export demand through the 2050 forecast horizon.

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