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Miles of unused pipe, prepared for the proposed Keystone XL pipeline, sit in North Dakota in 2014. CALGARY — The Canadian energy industry reacted with disappointment and anger — but not necessarily surprise — Monday following reports that incoming U.S. president Joe Biden would revoke presidential permits for TC Energy’s long-delayed Keystone XL pipeline on his first day in office. The revelation sent shares in TC Energy down down 4.5 per cent, or $2.57 each, to $54.00, dashing hopes that a series of modifications might win over the Democratic candidate and keep the US$14.4-billion, 830,000-barrels-per-day pipeline project linking Alberta and the U.S. Gulf Coast alive. TC Energy, in a move that was perhaps too little, too late, on Monday announced its commitment that Keystone XL would achieve a net-zero carbon emissions profile in 2023 and would be fully powered by renewable energy by 2030. The Calgary-based pipeline giant has previously pledged the entire project would be built with union labour and that green-energy training would be provided to workers. The company has also committed to selling stakes in the line to Indigenous communities along the route. This advertisement has not loaded yet, but your article continues below. Article content […]
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