TC Energy terminates Keystone XL pipeline project
Alberta and TC Energy have announced the official termination of the Keystone XL project, leaving the province's final costs on the failed pipeline at an estimated $1.3 billion.
The Alberta government ended its involvement in Keystone XL after U.S. President Joe Biden revoked the pipeline's permit in January.
In a news release, TC Energy said it terminated the project after consulting with the Alberta government.
Final costs to the government "are expected to be materially within $1.3 billion," the province said.
"We remain disappointed and frustrated with the circumstances surrounding the Keystone XL project, including the cancellation of the presidential permit for the pipeline’s border crossing," Alberta Premier Jason Kenney wrote in the release.
"We will work with our U.S. partners to ensure that we are able to meet U.S. energy demands through the responsible development and transportation of our resources."
Alberta's investment in the Keystone pipeline included $1.5 billion in equity investment and a $6 billion loan guarantee in 2021.
Construction on the project was suspended after Biden revoked its permit on Jan. 20.