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Fri, Feb. 5, 3:11 PM
- Canada’s government will make a decision by the end of this year on Kinder Morgan’s (KMI -1.3%) Trans Mountain oil pipeline expansion after additional consultations and considering the country’s national interest, Natural Resources Minister Jim Carr says.
- The government has added four months to the National Energy Board regulatory process in order to provide more assessment of the project, Carr says; TransCanada’s (TRP -1.3%) Energy East also will face a longer review period, while Enbridge’s (ENB -2.7%) Northern Gateway was approved by the previous government but the company has not yet made a final investment decision.
- "When we’re done, we want Canadians to be heard, that it was a responsible and thorough process which we hope will lead to a better result... We are not asking the proponents of these prjects to go back to square one," Carr says.
Tue, Jan. 26, 10:58 AM
- Canada’s new pipeline rules will consider the impact of greenhouse gas emissions, including upstream emissions, and will be unveiled soon, Prime Minister Trudeau says, adding that projects need to win public trust to move forward.
- Trudeau spoke in Montreal today alongside Mayor Coderre, who announced his opposition last week to TransCanada’s (TRP +3.7%) Energy East proposal, sparking criticism from other Canadian political leaders.
- Coderre says he is leaving the door open to Energy East by suggesting it was still possible to strike the right balance.
- Trudeau’s government is preparing "transition plans” for existing proposals, such as Energy East and Kinder Morgan’s (KMI +1.2%) Trans Mountain pipeline expansion, allowing them to adhere to a new, higher environmental review standard without restarting the lengthy application process.
Fri, Jan. 22, 2:27 PM
- Kinder Morgan’s (KMI +10.6%) proposed Trans Mountain pipeline expansion is set to face another regulatory hurdle when Prime Minister Trudeau's government moves to strengthen environmental review laws and give new marching orders to the National Energy Board in the coming weeks.
- The regulatory overhaul leaves timelines for the $5.4B project in limbo; hearings resumed for the project this week and an NEB decision is due in May under the old review system, and no one quite knows the meaning of the review process when changes are in the offing.
- The plans effectively would add regulatory requirements on proposed projects already under review in Canada, such as Trans Mountain and TransCanada's (TRP +5%) Energy East pipeline, to meet an unannounced higher standard favored by Trudeau without restarting the process entirely.
- An extended regulatory process would be another setback for KMI, which first proposed its pipeline expansion in 2013 and already has faced two delays.
Fri, Jan. 22, 2:12 PM
- Ontario Premier Wynne gives tentative backing of TransCanada's (TRP +4.8%) $15.7B Energy East pipeline, offering Alberta Premier Notley some support a day after Montreal-area mayors expressed opposition to Energy East and the Alberta government’s pipeline strategy.
- In a joint news conference in Toronto, Wynne praised Notley for Alberta’s climate change plan, and "appreciate(s) that there is a need for a way to get Canadian oil, that is allowed under Alberta’s new emission cap, to overseas markets."
- At the news conference, Notley criticized Montreal Mayor Coderre as short-sighted and touted the pan-Canadian economic benefits of Energy East, adding that "a pipeline is the safest way, the most efficient way" to ship oil.
Fri, Jan. 22, 12:46 PM
- With its Keystone XL project rejected by the U.S., TransCanada (TRP +4.7%) is pursuing more modest developments in the U.S. Gulf coast to make inroads in the oil refinery complex.
- TRP’s US$600M Houston Lateral pipeline and tank terminal connecting the existing Keystone pipeline system to refineries in Houston is set to come on stream by Q2, liquids pipeline president Paul Miller tells Financial Post.
- To bolster the Houston Lateral’s connection to Gulf coast markets, TRP and Magellan Midstream Partners are building a US$50M pipeline to ship 200K bbl/day between TRP's under-construction Houston terminal and MMP’s East Houston terminal.
- "It’s small from a dollar perspective, but it’s hugely significant from a connectivity perspective, providing connectivity to both the Houston and the Texas City refineries,” Miller says, adding that TRP is planning similar smaller projects either through acquisitions or greenfield developments around the Gulf coast.
Thu, Jan. 21, 12:54 PM
- Mayors from the greater Montreal area have come out against TransCanada's (TRP +5.6%) proposed Energy East pipeline, deciding the environmental risks far outweigh any economic benefits for the region, Financial Post reports.
- Montreal Mayor Coderre, current president of the Montreal Metropolitan Community, which represents 82 jurisdictions, says the pipeline would be worth ~$2M/year in economic benefits to the area, while a major oil spill cleanup could cost $1B-$10B.
- TRP’s planned $15.7B pipeline would transport crude from the Alberta oil sands to a terminal in New Brunswick before exporting it to overseas customers.
Wed, Jan. 13, 3:27 PM
- TransCanada (TRP -2.1%) affirms plans to link the terminus of its 2,000 mile, cross-country crude oil pipeline system to Magellan Midstream Partners' (MMP -3.3%) network of pipelines that serve Texas Gulf Coast refineries.
- TRP is working toward a Q2 completion in building the Houston lateral, which will add a second terminus and ~700K barrels of storage in Houston to the southernmost part of its Keystone system; MMP will build and operate the HoustonLink pipeline, which will connect to TRP’s Houston Lateral and is expected to be completed in H1 2017.
- Most important to TRP, MMP owns an East Houston terminal that is connected to its 100-mile Houston-area distribution system that serves Houston’s refineries and others in Texas City; MMP also has an outlet to the Gulf of Mexico and connections to a third-party line that runs east to refineries in Louisiana, which could appeal to shippers moving oil on TRP’s network.
Dec. 17, 2015, 11:23 AM
- TransCanada (TRP -2.1%) says it filed an amended application for its Energy East pipeline project, a move that would increase the project’s cost to C$15.7B (US$11.4B) from C$12B.
- TRP says the filing with Canada’s National Energy Board includes nearly 700 route changes aimed at satisfying environmental and community concerns about the project.
- TRP says it still expects Energy East to start up in 2020; it initially had said the project could be in service by late 2018, but earlier this year pushed the date back to 2020 following its decision not to build a marine terminal in Quebec because of concerns about Beluga whales.
Dec. 10, 2015, 1:57 PM
- TransCanada (TRP +1.5%) is higher after announcing new agreements for its proposed liquefied Coastal GasLink pipeline project with three more aboriginal groups in northern British Columbia.
- TRP says the new pacts with the Burns Lake Indian Band, Blueberry River First Nations and the Lheidli T'enneh First Nation outline financial benefits as well as the company's commitments to the native communities for as long as the pipeline is in service.
- TRP says it has signed nine project contracts with First Nations living along the proposed pipeline's route spanning the northern tier of the province and connecting natural gasfields in northeast B.C. with export facilities on the Pacific coast.
Nov. 24, 2015, 11:30 AM
- Analysts are betting that renewable energy developers such as Enbridge (ENB +1.2%) and TransCanada (TRP +1.9%) will be among the best placed to make the shift to Alberta's new carbon policies, Bloomberg reports.
- As the government boosts the province’s share of renewable electricity to 30% from 9% by 2030, "renewable power contracts are going to go to the bidder that needs the least amount of government support, developers with most financial flexibility and overall lowest cost of capital” such as ENB and TRP, says National Bank Financial's Patrick Kenny.
- The two companies already are among Canada’s largest renewable power operators: ENB owns 2,065 MW of wind power across Canada, enough to power 650K homes, while TRP operates wind, hydro and nuclear plants as part of its 11.8K MW of power generation.
- TransAlta (TAC -2%) surged 9.5% yesterday as investors felt Alberta's new policy avoided the worst-case fastest potential phase-out of coal plants.
- Earlier: TransAlta +12% on Alberta climate change plan (Nov. 23)
Nov. 16, 2015, 3:39 PM
- TransCanada (TRP +2.8%) says its NOVA Gas Transmission subsidiary has signed firm contracts for 2.7B cf/day of natural gas transportation service that will require a $570M system expansion for 2018.
- TRP says growth in northwestern Alberta and northeastern British Columbia are the primary drivers for the new contracts.
- TRP says the expansion will increase its overall investment on the NGTL system beyond the already announced $7.5B of projects, of which ~$2.8B have received regulatory approval, with $800M under construction and an additional $1.7B of facilities under regulatory review.
Nov. 11, 2015, 10:57 AM
- TransCanada (TRP -2.2%) says it has been awarded a contract to build, own and operate the Tuxpan-Tula pipeline in Mexico.
- TRP says it expects to invest ~$500M in the pipeline and anticipates an in-service date in Q4 2017.
- The pipeline’s construction is backed by a 25-year natural gas transportation service contract with Mexico’s state-owned power company.
Nov. 6, 2015, 2:30 PM
- TransCanada (TRP -5.9%) says it will review all options, including seeking a new permit to ship crude oil from Canada to the U.S., following Pres. Obama's rejection of the proposed Keystone XL pipeline.
- The 1,179-mile pipeline would not have lowered U.S. gas prices, made long-term contribution to U.S. jobs, or made the U.S. less dependent on foreign energy, Obama said today at the White House.
- American Petroleum Institute president Jack Gerard worries that the rejection will have a chilling effect on other energy infrastructure projects, and says the decision will not stop production of crude oil from Canada’s tar sands - instead of being transported by pipeline, it will be shipped by train and barge, which would create more greenhouse gas emissions than the pipeline.
- "This is all environmental politics," says Oppenheimer energy analyst Fadel Gheit. "It doesn't make any economic sense to block a pipeline that will create an enormous amount of wealth to certain areas of the country [and] for Canada."
Nov. 6, 2015, 11:10 AM
- A press conference has been set for 11:45 this morning, in which Pres. Obama reportedly will announce the rejection of TransCanada's (TRP -5.3%) proposed Keystone XL pipeline.
- After seven years of delaying a final decision, Obama is expected to cite the urgency of climate change as a key reason behind his decision.
- Earlier this week, the U.S. State Department denied the company's request to suspend its permit application.
- Earlier: WSJ: Keystone pipeline rejection may come this week (Nov. 5)
Oct. 27, 2015, 2:19 PM
- TransCanada (TRP -1.8%) says it received final regulatory clearance needed to begin construction of the C$5B Prince Rupert Gas Transmission pipeline project designed to serve a proposed natural gas export facility in British Columbia.
- The permits cover the entire 560-mile route from near Hudson's Hope, B.C., to Lelu Island, off the coast of Port Edward, near Prince Rupert; the project will connect the natural gas production in the Montney fields of northeastern B.C. with the proposed PNW LNG liquefaction facility on Lelu Island.
- TRP says it was cleared to start construction on compressors and meter stations, with work on the full pipeline subject to federal approval of the LNG export facility.
Sep. 30, 2015, 2:39 PM
- Alberta premier Notley says she sees no long-term future in fossil fuels, and vows to fight climate change by cleaning up the tar sands, shutting down coal-fired power plants, and converting to wind and solar power.
- The leader of the province that sits atop the world’s third-biggest known carbon reserves in the tar sands and has ramped up production to ~2M bbl/day of crude is expected to unveil new targets for reducing greenhouse gas emissions later this fall.
- At the same time, Notley says she is not opposed to most of Alberta's proposed pipeline projects; she supports TransCanada's (TRP +1.5%) Energy East because she says it helps create value from Alberta crude, but she opposes Keystone XL because it would keep Alberta too focused on the U.S. market.
- She says Kinder Morgan (KMI +3.5%) should consider shifting its Trans Mountain pipeline to a different port in British Columbia to win over opponents to the line’s expansion.
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