TC Energy Corp. has confirmed that it has terminated the Keystone XL Pipeline after a comprehensive review of its options, and in consultation with its partner, the Government of Alberta.
Construction on the pipeline was suspended after newly elected U.S. President Biden revoked its permit on January 20, 2021.
The cancellation also dashes the hopes of many contractors eager to tap into the millions of dollars of potential welding and fabrication work required to finish the project.
TC Energy said in a statement it will continue to coordinate with regulators, stakeholders and Indigenous groups to meet its environmental and regulatory commitments and ensure a safe termination of the project.
“TC Energy’s infrastructure plays a critical role in powering the North American economy, delivering the energy people need every day, safely and responsibly. The Company continues to progress $20 billion of secured growth projects, $7 billion of projects under development, and numerous additional initiatives aligned with its risk preferences and return criteria across its business lines and geographies,” said TC Energy’s president and CEO François Poirier.
“Through the process, we developed meaningful Indigenous equity opportunities and a first-of-its-kind, industry leading plan to operate the pipeline with net-zero emissions throughout its lifecycle. 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 U.S. assets with renewable energy,” he said.
Poirier added that TC Energy still sees plenty of opportunity in the energy transition with its irreplaceable asset footprint, financial strength and organizational capabilities positioning it to capture further significant and compelling growth.
