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TransCanada won’t proceed with Energy East pipeline – Business

TransCanada says it won’t proceed with its Energy East pipeline and Eastern Mainline proposals.

Russ Girling, the Calgary-based power corporate’s CEO and president, mentioned in a observation that National Energy Board and Quebec officers will probably be knowledgeable TransCanada won’t pass ahead with the programs.

The corporate says it’ll take a $1-billion fee to jot down down the undertaking on its books in its subsequent quarterly effects.

“We appreciate and are thankful for the support of labour, business and manufacturing organizations, industry, our customers, Irving Oil, various governments, and the approximately 200 municipalities who passed resolutions in favour of the projects,” Girling mentioned in a free up. “Most of all, we thank Canadians across the country who contributed towards the development of these initiatives.”

The proposed Energy East undertaking would have carried oil from Alberta and Saskatchewan around the nation to be delicate in New Brunswick. It would have added 1,500 kilometres value of recent oil pipelines to an present community of greater than three,000 kilometres, which might were transformed from sporting herbal gasoline, to sporting oil.

TRANSCANADA ENERGY EAST PIPELINE

New Brunswick Premier Brian Gallant mentioned in a observation that the corporate’s determination to not transfer ahead is “not good news” for individuals who sought after to peer the pipeline constructed, together with the provincial executive.

“Like many New Brunswickers, we are disappointed. The project would have created jobs in New Brunswick and helped the Canadian economy,” Gallant mentioned.

Montreal Mayor Denis Coderre, who has antagonistic the undertaking, tweeted Thursday that he was once proud to peer the undertaking deserted. 

The transfer comes just about a month after it suspended its utility to the National Energy Board (NEB) and hinted it could come to a decision to not pursue the undertaking in mild of the regulator’s new, harder assessment procedure.

TransCanada mentioned on the time it sought after to habits a “careful review” of the brand new review procedure to gauge its impact at the prices, schedules and viability of the pipeline.

It was once granted a 30-day suspension, which was once set to run out Sunday.

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