2020 Environmental Real Estate Issues

TC Energy and Alberta Announce Termination of Keystone XL Pipeline
TC Energy Corporation and the Government of Alberta announced termination of the Keystone XL Pipeline Project.

President Biden Revoked Permit
In its news release, TC Energy said construction activities were suspended after President Biden revoked the project’s Presidential Permit on January 21, 2021.  On June 9, 2021, “after a comprehensive review of its options, and in consultation with its partner, the Government of Alberta,” TC Energy terminated the Project.

TC Energy’s CEO applauded its efforts toward the now terminated Project, claiming it developed “a first-of-its-kind, industry leading plan to operate the pipeline with net-zero emissions throughout its lifecycle. We will continue to identify opportunities to apply this level of ingenuity across our business going forward, including our current evaluation of the potential to power existing U.S. assets with renewable energy.”

Alberta’s $1.3 Billion Investment
In Alberta’s news release its Premier, Jason Kenney, said he is “disappointed and frustrated with the circumstances surrounding the Keystone XL project, including the cancellation of the presidential permit for the pipeline’s border crossing.”  Alberta estimates its costs for the project “are expected to be materially within $1.3 billion, in alignment with previously disclosed costs.”

Alberta said it and TC Energy “will continue to explore all options to recoup the government’s investment in the project.”  To date, “roughly 150 kilometres of pipeline has been installed in Alberta, employing more than 1,600 people during peak construction.”

To see TC Energy’s news release https://www.tcenergy.com/announcements/2021-06-09-tc-energy-confirms-termination-of-keystone-xl-pipeline-project/

To see Alberta’s news release https://www.alberta.ca/release.cfm?xID=7934377BC4B2A-9A8A-DDD0-DF72AF17F370A44B