Nearly six months after President Joe Biden revoked the project’s critical cross-border permit granted in 2017 under the Trump administration, developer TC Energy Corp. (TSX, NYSE: TRP) confirmed Wednesday that it has terminated the Keystone XL Pipeline Project.
TC Energy stated that it made the decision after conducting a “comprehensive review of its options” and consulting its partner, the Government of Alberta. The firm added that it will continue to meet its environmental and regulatory commitments with regulators, stakeholders, and indigenous groups to ensure a safe project termination and exit.
“We remain grateful to the many organizations that supported the project and would have shared in its benefits, including our partners, the Government of Alberta and Natural Law Energy, our customers, pipeline building trade unions, local communities, Indigenous groups, elected officials, landowners, the Government of Canada, contractors and supplier, industry associations, and our employees,” remarked TC Energy President and CEO François Poirier in a written statement.
Shortly after Biden pulled the permit on January 20 of this year, TC Energy suspended construction and cut 1,000 workers – primarily unionized – in both the United States and Canada. The action was also a blow to Alberta, which had a substantial financial stake in the project.
“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 commented Wednesday. “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.”
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