TransCanada is seeking to suspended applications for its Energy East Pipeline and Eastern Mainline Project amid significant changes to the regulatory process.
The company has filed a letter with the National Energy Board (NEB) seeking a 30-day suspension to allow it time to review changes announced by the NED regarding the list of issues and environmental assessment factors of the project. It says it needs to 'understand how these changes impact the projects' costs, schedules and viability'.
It says in a statement: 'Should TransCanada decide not to proceed with the projects after a thorough review of the impact of the NED's amendments, the carrying value of its investment in the projects as well as its ability to recover development costs incurred to date would be negatively impacted.'
Russ Girling, TransCanada's president and CEO, says: 'Apart from Energy East, we will continue to advance our $24 billion near-term capital program in addition to our longer-term opportunities.'