TransCanada won’t proceed with Energy East pipeline

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

Russ Girling, the Calgary-based energy company’s CEO and president, said in a statement that National Energy Board and Quebec officials will be informed TransCanada won’t go forward with the applications.

The proposed Energy East project would have carried oil from Alberta and Saskatchewan to New Brunswick.

New Brunswick Premier Brian Gallant said in a statement that the company’s decision not to move forward is “not good news” for those who wanted to see the pipeline built, including the provincial government.

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

The move comes nearly a month after it suspended its application to the National Energy Board (NEB) and hinted it might decide not to pursue the project in light of the regulator’s new, tougher review process.

TransCanada said at the time it wanted to conduct a “careful review” of the new assessment process to gauge its effect on the costs, schedules and viability of the pipeline.

It was granted a 30-day suspension, which was set to expire Sunday.

Article source: http://www.cbc.ca/news/business/transcanada-won-t-proceed-with-energy-east-pipeline-1.4338227?cmp=rss