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TransCanada terminates plan for $15.7 billion Energy East pipeline

energyeast_snowfallTransCanada Corp said today it would abandon its Energy East and Eastern Mainline pipeline projects, following tough review by Canada’s energy regulator

Vancouver Sun, October 5, 2017

TransCanada Corp. has scrapped its Energy East Pipeline and Eastern Mainline projects, oil and natural gas conduits that have faced regulatory hurdles in Canada and stiff opposition from environmental groups.

As a result of the decision, TransCanada expects an estimated $1 billion after-tax, non-cash charge to be recorded in the fourth quarter, the company said in a statement Thursday. Because regulators failed to reach a decision on the projects, TransCanada expects “no recoveries of costs from third parties.” The Energy East link to Canada’s Atlantic Coast carried a $15.7 billion price tag. Read the rest of this entry