TransCanada Corporation has filed a project application for the Energy East Pipeline Project with the National Energy Board of Canada (NEB). “Energy East will eliminate the need for Eastern Canada to import most of the 700,000 barrels it consumes everyday”, said Russ Girling, TransCanada’s president and CEO.
The Energy East Pipeline Project and the proposed Eastern Mainline Pipeline Project are based on new studies by the Conference Board of Canada and IHS. The studies conclude that Energy East will make eastern Canadian refineries more competitive by allowing them to eliminate their reliance on more expensive crude oil imported from outside Canada. Energy east is expected to support an average of approximately 14,000 direct and indirect full-time jobs across Canada during development and construction and generate more than USD 7B in additional tax revenues after the first 20 years of operation for local, provincial and federal governments.
The Energy East Pipeline Project is expected to cost approximately USD 12B, excluding the transfer value of Canadian Mainline natural gas assets, and is anticipated to be in service for deliveries in Québec and New Brunswick by late 2018. The project has secured more than 900,000 barrels per day of firm, 20-year shipping contracts and is an important element of TransCanada’s USD 39B capital programme.
