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by Maureen McCall
Last week, the Federal Court of Appeal ruled that six of twelve legal challenges brought by opponents of the Trans Mountain pipeline expansion project would be allowed to proceed – yet another delay for the TMX.
Although some see this recent delay as hopeful because it is only of short duration, the reality is more legal hurdles for the long-delayed Trans Mountain Expansion pipeline continue to destroy investor interest in Canadian Energy projects.
Back in May 2018, CAPP lauded the Federal Government acquisition of the Trans Mountain Expansion in a hopeful news release.
But after endless delays and failures to act on the part of the Federal Government in the following months, is it just wishful thinking to still believe as CAPP stated that…
“The government’s political and financial backing guarantees construction of the pipeline will resume, and provides industry the assurance it has been seeking” ?
Just four months after the TMX purchase, the Federal Court of Appeal quashed the federal government’s approval of the expansion on Aug. 30. 2018.
At that time, Steve Williams, chief executive officer of Suncor, began to alert Canadians to the huge implications of delays in the TMX tennis match.
“What’s clear to me as I travel the world is there’s a question of confidence in Canada’s ability to be able to develop — particularly on [Trans Mountain], but on other issues as well,” Steve Williams said in an interview with BNN Bloomberg.
“People are looking and saying, ‘Can we invest here? So, I think it’s an important moment for Canada to demonstrate that we can get things built.”
The following twelve months from August 2018 to August 2019 produced further delays to TMX alternated with proclamations by the Federal government that TMX approval was “proceeding”, then “approved” “shovels in the ground by September 2019” etc.
Should Canadians continue a blithe optimism and ignore the further destruction of investor confidence in Canada?
While some applaud the recent Federal Court of Appeal ruling stating that it is a good development that only the Indigenous legal challenges were allowed, others say the system needs reform. While some say judicial reform is needed, legal experts are qualifying that actually, it is legislative reform that is needed as the government makes and administers the laws that the courts apply.
Canadians, and Albertans especially, are faced with a thorny discussion of the repercussions of inaction on Energy projects- cancellations, delays, endless regulatory process and court rulings that directly impact our livelihood as Energy companies continue to exit Canada taking jobs and government revenues with them.
It is with this discussion of the impact of inaction on Canadian Energy security that the Petroleum Joint Venture Association has brought Kevin Birn of IHS Markit and G. Kent Fellows of U of C’s School of Public Policy together with Alberta’s Associate Minister of Natural Gas, Dale Nally and for a federal perspective, Greg McLean of Criterium Merchant Capital, who has served as an advisor to two Federal Cabinet Ministers -Harvie Andre, M.P. for Calgary Centre and Jean Corbeil, Minister of Transport to discuss “Canada’s Energy Security- Federal & Provincial cooperation and the Energy Corridor approach”
Thursday September 12th 11:00am to 1:00pm at The Calgary Petroleum Club. Tickets $50.00 and $60.00.
To Register, go to https://securegs.com/registerEvents.php?eID=6018
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Canadians Should Decide What to do With Their Money – Not Politicians and Bureaucrats