Supporters, opponents clash as 'changed circumstances' stop Energy East pipeline

TransCanada abandons Energy East pipeline project

TransCanada abandons Energy East pipeline project

It will now inform the federal and provincial regulators that it will no longer be proceeding with its applications for the projects. He said his province wasn't banking on Energy East - but having certainly wouldn't have hurt.

"I could be at the grocery store, I could be at the coffee shop, and people would constantly stop or say to me "protect our drinking water".

TransCanada says it's cancelling plans for the Energy East pipeline and Eastern Mainline projects.

Calgary-based TransCanada (TSX:TRP) had announced last month that it was suspending its efforts to get regulatory approvals for the mega projects.

"The loss of this major project means the loss of thousands of jobs and billions of dollars for Canada, and will significantly impact our country's ability to access markets for our oil and gas", the Canadian Energy Pipeline Association (CEPA) said in a statement.

Natural Resource Minister Jim Carr called the TransCanada's decision to end the Energy East pipeline a business decision. Premier Brian Gallant said he believed low crude prices had killed the project.

October 29, 2014: A report released by environmental groups questions whether Energy East is necessary to supplant Eastern Canada's oil imports from the foreign suppliers frequently mentioned by TransCanada. Crude oil prices have slipped near $50 a barrel and other commodities are weaker as the USA dollar found its footing.

"We understand that it is driven by a broad range of factors that any responsible business must consider".

The 4,500km Energy East pipeline, which would have carried 1.1 million barrels of oil per day, faced stiff opposition from environmental groups and several municipalities in Quebec concerned about possible spills affecting groundwaters and rivers along its path.

Tesco enjoys surge in half-year profits as sales rise
In the first half of its current fiscal year, turnover grew 3.3 %, mainly thanks to advantageous exchange rate fluctuations. Cost savings helped to push up the group operating margin to 2.7 percent from 2.2 percent previous year .

TransCanada was opposed to that condition, forcing Quebec to file a court injunction to require the company to submit to its environmental review process.

The two projects cancelled Thursday were "inextricably linked", because TransCanada would be converting some of its natural gas pipeline capacity during the construction of Energy East.

Alberta Premier Rachel Notley also decried Energy East's demise, calling it "an unfortunate outcome for Canadians" and saying that it would have reduced the nation's imports of foreign oil.

TransCanada is expected to take an estimated $1-billion charge on its pre-tax fourth-quarter earnings due to Thursday's announcement.

". It is important to say today that, while we wanted to see the pipeline built, it is not the only opportunity our government has been pursuing to grow our economy", he said.

Greenpeace and other environmental groups also claimed a victory for those who believed there was "no social value in the project" in a world fighting climate change.

It said it had to review an NEB panel's decision to allow consideration of greenhouse gas emissions caused by producing and processing the oil transported in the pipeline, an unprecedented expansion of the scope of the inquiry.

The Nebraska Public Service Commission is reviewing the Keystone XL plans and has until November 23 to decide whether to approve or deny the project.

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