- Canadian regulatory approval of the Northern Gateway pipeline doesn't feel like much of a victory for Enbridge (ENB), which now faces higher costs and more opposition from aboriginal and environmental groups.
- ENB contested the National Energy Board’s C$7.9B cost estimate but conceded its current C$6.5B projection likely will increase when it updates costs in Q1.
- Among the regulator’s 209 conditions imposed on ENB: liability coverage of C$950M, compensation for aboriginal hunters and fishermen, building extra oil storage in the event of disruptions, research on heavy-oil spills, establishing an emergency response plan.
- One condition not imposed: the sort of carbon emissions test Pres. Obama says will guide the U.S. decision whether to allow TransCanada's (TRP) Keystone XL pipeline to proceed - Keystone backers say the proliferation of projects such as Northern Gateway show the oil will get to market, one way or another.
Enbridge pipeline faces new costs and conditions, but not Keystone-style carbon test
Dec 21 2013, 08:25 ET