Alberta Government, TC Energy reach agreement to terminate Keystone XL Pipeline Project

Pipeline sign

TC Energy and the province said they would look at their options in the wake of the cancellation, but TC Energy said the pipeline extension was officially dead as of Wednesday.

The Alberta government and TC Energy have reached an agreement for an "orderly exit" from the Keystone XL Pipeline Project as well as the partnership between the two.

"We value the strong relationships we've built through the development of this Project and the experience we've gained", TC Energy President and CEO François Poirier said in a statement.

Alberta's investment in the Keystone pipeline included $1.5 billion in equity investment and a $6 billion loan guarantee in 2021.

The move comes after the presidential permit approving the project was revoked back in January 2021.

The announcements come after USA president Joe Biden signed an executive order to revoke the pipeline's permit on his first day in office in January - a move he had promised during his election campaign.

In the release, Premier Jason Kenney expressed disappointment and frustration, particularly with the cancellation.

On Wednesday, he said the province will still work with US partners to play a role in meeting American energy demands.

The 1,947-kilometer pipeline, starting in 2023, was to transport up to 830,000 barrels of oil per day from the Alberta oil sands to Nebraska and then through an existing system to refineries in coastal Texas. "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 USA assets with renewable energy".

The Albertan government reiterated Wednesday that the cost of backing the project is expected to be around $1.3 billion, in line with its estimate outlined in the most recent provincial budget.

"The fight to stop Keystone XL was never about one pipeline", Mackey said in a news release. -Canada border. TC Energy suspended work on Keystone XL the same day.



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