(TSX:TRP) has filed an amended application for the Energy East pipeline project that raises the projected cost by almost $4 billion.
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“The thousands of Canadians we have met with since 2012 understand the importance and significance of what this project means to our country’s energy security and economic prosperity”, said Russ Girling, TransCanada’s president/CEO.
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In its filing with the NEB, TransCanada also included projected labour market statistics citing an updated Conference Board of Canada report which forecasts the creation of 14,000 direct and indirect jobs from the Energy East project.
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“That’s why today we’re launching the “People’s Injunction” to stop Prime Minister Trudeau and his government from breaking their first big climate promise and allowing these two pipelines to proceed at the National Energy Board without considering their climate impacts and without listening to community voices-especially First Nations”, Fauret continued. TransCanada says the amendments respond to “extensive landowner, environmental, community and customer input”, but they have only emboldened opponents who are arguing that the Paris climate commitments amount to a stake in the heart for the project.
At the time, the project was estimated to cost $12 billion but the company now estimates the cost at $15.7 billion-not counting the value of existing pipeline assets that will be used for part of Energy East.
“However, Canadians also want assurances this project does not come at the expense of safety and the environment – and this application shows we can do that”.
The new cost reflects some 700 route changes and an earlier decision to scrap a planned export terminal in Quebec.
Energy East is a 2,860-mile pipeline project that will transport roughly 1.1 million barrels of crude oil per day (MMBPD) from Alberta and Saskatchewan in western Canada, to the refineries of Eastern Canada and a marine terminal in New Brunswick.
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Energy East is expected to begin flowing crude oil from west to east in 2020.
