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By Connor Gunn

Alberta terminates involvement with Keystone XL project

Jun 9, 2021 | 3:07 PM

EDMONTON, AB – Alberta will be terminating its involvement with the Keystone XL pipeline expansion project that was stopped by US President Joe Biden.

In a release from the Alberta Government, it states “the government and TC Energy have reached an agreement for an orderly exit from the KXL project and partnership.”

The two parties involved will look to “explore all options to recoup the government’s investment in the project.”

Previous story: Does Canada need another pipeline, feds ask days after Biden cancels Keystone XL

Premier Jason Kenney says he’s disappointed with the outcome of the project and the decision the government had to make following.

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“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.”

“Having said this, Alberta will continue to play an important role in a reliable, affordable North American energy system. 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.”

Final costs to the government are expected to be materially within $1.3 billion, in alignment with previously disclosed costs.

“Alberta’s government invested in Keystone XL because the project aligned with the province’s long-term economic interests. The pipeline’s completion would have led to higher prices as well as increased volumes of oil sands crude production, generating at least $30 billion in increased royalties over 20 years for Alberta taxpayers,” the release states.

TC Energy says it will continue to coordinate with regulators, stakeholders, and Indigenous groups to meet its environmental and regulatory commitments and ensure a safe termination of and exit from the project.

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