Keystone pipeline canceled after Biden stands firm against permit

Keystone pipeline canceled after Biden stands firm against permit

Last year, Premier Jason Kenney announced Alberta would invest $1.5 billion in equity as well as a $6 billion loan guarantee.

On Wednesday, Kenney said Alberta would continue to work with its USA partners to ensure that the province is equipped to meet US energy demands.

TC Energy said in canceling the pipeline that the company is focused on meeting "evolving energy demands" as the world transitions to different power sources.

U.S. President Joe Biden revoked the permit for TC Energy's Keystone XL energy pipeline via executive order hours after his inauguration, the clearest sign yet that constructing a major new pipeline in the U.S. has become an impossible task.

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Alberta will "explore all options to recoup the government's investment" in the pipeline, a statement by the province said, adding that it would ultimately be on the hook for about Can$1.3 billion (US$1.1 billion).

The 1,200-mile line, created to carry crude from Canada's oil sands through Montana, South Dakota and southern Nebraska, has faced years of pointed opposition from environmental and community groups, as well as a number of legal battles that landed the project before the U.S. Supreme Court.

"However, terminating our relationship with TC Energy's project is in the best interest of Albertans under current conditions", Savage said in the release.

Keystone's demise follows cancellations of Northern Gateway and Energy East and a delay in Trans Mountain, which the Canadian government bought in 2019 for $4.5 billion from Kinder Morgan.

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"President Biden killed the Keystone XL Pipeline in the name of "clean energy" but waived sanctions in order to allow the construction of Russia's Nord Stream 2 pipeline".

The company said it would continue to look for opportunities in the energy transition and in powering existing USA assets with renewable energy.

Whole segments of Keystone XL, including one that crosses the U.S.

Some 200 kilometres of pipeline have already been laid, including across the Canada-U.S. border.

Pipes that were to be used for the Keystone XL pipeline are stored in a field near Dorchester, Neb., last December.

Keystone XL's price tag had ballooned as the project languished, increasing from $5.4 billion to $9 billion.

The organization named after the safe concentration of carbon dioxide in the atmosphere said its efforts were never about just one pipeline. "Good riddance to Keystone XL".

"This is a landmark moment in the fight against the climate crisis", said Jared Margolis, a senior attorney at the Center for Biological Diversity.

While some Indigenous groups opposed the pipeline, a group participated in oil and gas development as a solution to poverty on reserves.

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