Canada Energy Regulator Approves Settlement for Trans Mountain Pipeline System

Calgary, Alberta–(Newsfile Corp. – September 29, 2026) – Trans Mountain Corporation (“Trans Mountain”) today announced that the Canada Energy Regulator (“CER”) has approved the negotiated settlement (the “Settlement”) for tolls and tariffs and other matters related to transportation service on the Trans Mountain Pipeline System (the “System”). Trans Mountain will work with its Shippers towards a January 1, 2027 effective date.

The approval enables implementation of the long-term tolling and service framework negotiated between Trans Mountain and shippers and allows for the implementation of transportation service agreements awarded through the 2026 Firm Contracting Open Season (the “Open Season”). Under the Settlement, firm contracted capacity on the System increases from 80 per cent to 90 per cent of nominal pipeline capacity. The Open Season, which concluded in June, was oversubscribed by more than 2.5 times the available capacity.

“The approval of this win-win negotiated settlement provides an important milestone for the Trans Mountain system and the customers who rely on it,” said Mark Maki, Chief Executive Officer, Trans Mountain Corporation. “With a long-term framework now in place, we’re well positioned to continue providing safe, reliable service, connecting Canadian energy to global markets. The strong response to our Firm Contracting Open Season demonstrates the ongoing demand for market access through Canada’s West Coast.”

The approved Settlement establishes the tolling and services framework governing tolls, transportation service and related operations on the System and resolves matters previously before the CER.

Forward-looking information

This news release contains certain statements that constitute forward-looking information within the meaning of applicable Canadian securities laws (“forward-looking information”). Forward-looking information is not historical fact, but instead represents the current expectations of Trans Mountain regarding future operating results and other future events relating to Trans Mountain, many of which, by their nature, are inherently uncertain and outside of the control of Trans Mountain. In some cases, forward-looking information can be identified by words or phrases such as “will”, “may”, “expect”, “anticipate”, “believe”, “intend”, “plan”, “seek”, “aim”, “potential”, “should”, “would”, “could” and similar words or expressions.

In particular, this news release contains forward-looking information including, but not limited to: the Settlement, including the expected effective date and the anticipated benefits of the Settlement to Trans Mountain; the continued provision of safe, reliable service connecting Canadian energy to global markets; and the demand for long-term access to the System. Actual results could differ materially from those anticipated in the forward-looking information.

The forward-looking information in this news release is based on certain factors and assumptions that Trans Mountain has made in respect thereof as at the date of this news release regarding, among other things: the timing of and expected impacts of the Settlement, satisfaction or waiver of the conditions precedent for the implementation of the Settlement will be satisfied (including no review, review and variance or appeal of the CER approval); market conditions; economic conditions; prevailing governmental policies; regulatory, tax and environmental laws and regulations; inflation rates and commodity prices, including future demand for energy; future demand for space on Trans Mountain’s pipeline system; regulatory processes; commercial negotiations; that any required commercial agreements can be reached in the manner and on the terms expected by Trans Mountain; interest, tax and foreign exchange rates; future operating costs; and expected cash flows and availability of funds.

Although Trans Mountain believes the assumptions and other factors reflected in the forward-looking information are reasonable as of the date hereof, there can be no assurance that these assumptions and factors will prove to be correct and, as such, forward-looking information is not a guarantee of future performance. Forward-looking information is subject to a number of known and unknown risks and uncertainties that could cause actual events or results to differ materially, including, but not limited to: the regulatory environment and decisions, including the outcome of regulatory hearings; the available supply and price of energy commodities; fluctuations in operating results; Trans Mountain’s ability to successfully implement its strategic priorities; the operating performance of Trans Mountain’s pipelines and related assets; the failure to realize the anticipated benefits of the Settlement; performance and credit risk of Trans Mountain’s counterparties; labour and material shortages; the geopolitical environment; actions taken by governmental or regulatory authorities; changes in laws; the occurrence of unexpected events such as fires and severe weather conditions; cyber-attacks and other accidents or similar events and adverse general economic and market conditions or other risk factors, many of which are beyond the control of Trans Mountain.

The foregoing list of assumptions and risk factors should not be construed as exhaustive. The forward-looking information contained in this news release speaks only as of the date hereof. Trans Mountain does not undertake any obligation to publicly update or revise any forward-looking information contained herein, except as required by applicable laws. All forward-looking information contained in this news release is expressly qualified by this cautionary statement.

About Trans Mountain

Trans Mountain Corporation (together with its wholly-owned subsidiaries, “Trans Mountain”) operates Canada’s only pipeline system transporting oil products to the West Coast of Canada. Trans Mountain is a wholly owned entity of Canada TMP Finance Ltd., a subsidiary of Canada Development Investment Corporation (CDEV), the entity which holds the Government of Canada’s investment in Trans Mountain. Trans Mountain has nominal capacity to deliver 890,000 barrels of petroleum products each day through a pipeline system of more than 1,180 kilometres of pipeline in Alberta, British Columbia and 111 kilometres of pipeline in Washington State. Trans Mountain also operates a state-of-the-art loading facility, Westridge Marine Terminal, with three berths providing tidewater access to global markets. As a Federal Crown Corporation, Trans Mountain continues to build on more than 70 years of experience delivering operational and safety excellence through its pipeline system.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/316534

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