Canada is now dependent on the U.S. energy market after TransCanada scrapped two major energy pipelines Thursday following the government’s decision to beef up regulations on oil projects.
The pipeline developer scuttled the Energy East and Eastern Mainline pipelinesafter Canada adopted a slew of strict pipeline regulations to address concerns about climate change. TransCanada also cited the slowdown in the oil sector as one of the reasons for the move.
The company promised a review of Energy East’s viability in September after the country’s energy regulator included in its review of pipeline approvals the potential for increased carbon emissions once the oil enters its destination.
Energy East pipeline was expected to deliver crude from the oil-rich area in Alberta and Saskatchewan to a marine terminal in New Brunswick, carrying more than 1 million barrels of oil a day. The Eastern Mainline project, meanwhile, included new natural gas pipeline facilities along TransCanada’s already existing facilities in southern Ontario.
AAN Staff
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