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Trans Mountain Pipeline
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Energy Mix: The world’s biggest publicly-traded provider of property and casualty insurance, Chubb, has become the 16th insurer to declare that it won’t back the controversial Trans Mountain pipeline, a coalition of climate and Indigenous campaigners announced yesterday. The flurry of social media activity was triggered by a single tweet from Financial Times insurance correspondent […]
IEEFA
Reuters: Lloyd’s of London is scaling back its exposure to coal and oil sands, the commercial insurance market said in its first sustainability report on Wednesday, in a reversal of its traditional hands-off approach to climate change strategy. Lloyd’s acts as regulator for around 100 syndicate members, and leaves decisions on underwriting and investment strategy […]
IEEFA
Reuters: Insurer Zurich has decided not to renew cover for the Canadian government’s Trans Mountain oil pipeline, said a spokeswoman for the project, which is opposed by environmental campaigners and some indigenous groups. All financial services companies are under pressure from environmental campaigners to cease doing business with the fossil fuel industry. A planned expansion […]
Tom Sanzillo and Suzanne Mattei
Popular opposition, financial realities and alternative solutions spell defeat for multi-billion-dollar plans
Difficult and complex decisions are being made to reject the buildout of oil and gas pipelines in the United States and Canada. Long-term debates have finally come to a head, and three major pipeline projects have been halted as a result. The companies that planned to build the Atlantic Coast Pipeline recently threw in the […]
IEEFA
S&P Global Market Intelligence ($): The projected cost of Trans Mountain Corp.’s plan to almost triple the capacity of its aging oil pipeline network has surged to C$12.6 billion from a last estimate of C$7.4 billion because of court-ordered changes and numerous delays. The price tag for the 590,000-barrel-per-day expansion project has not been updated […]
Tom Sanzillo and Kathy Hipple
Proposed mine based financial viability on inflated oil price estimates
Don Lindsay, CEO of Teck Resources, said last week that proceeding with the Frontier Oil Sands project may not happen, even if Canada approves its pending permit. A key reason he cites is the persistently low price of oil. Beyond any environmental considerations that might impact the final decision, the Federal Cabinet, which has until […]
IEEFA
Vancouver Sun: Opponents of the Trans Mountain oil pipeline expansion projects want the Trudeau government to provide an updated construction-cost estimate. The estimated cost has already risen significantly, to $9.3 billion from $5.4 billion. The latest cost figure is from 2018, contained in documents filed by Houston, Texas-based Kinder Morgan with the U.S. Securities and […]
Press Release, Tom Sanzillo and Kathy Hipple
Economic case for TMX weaker than ever, according to financial analysis
November 19, 2019 (IEEFA North America) – The most recent analysis by the Institute for Energy Economics and Financial Analysis (IEEFA) shows an additional $320 million in new subsidies was given in the first six months of this year to finance the already highly-subsidized multi-billion dollar Trans Mountain Pipeline (TMX), calling into question the economic […]
IEEFA
NPR: Canada’s Prime Minister Justin Trudeau has given the green light for a second time to a $5.5 billion pipeline expansion that has attracted strong opposition from environmentalists and some indigenous groups. Trudeau, an ardent supporter of green energy, has found himself defending the 620-mile Trans Mountain pipeline expansion since his government first approved it […]
Kathy Hipple and Tom Sanzillo
Canadian oil sands becoming less and less cost competitive
The Government of Canada is expected to rule by June 18 on whether the Trans Mountain Pipeline Expansion should move forward. In addition to possible legal challenges, the business case for the pipeline expansion continues to weaken. An updated financial analysis needs to be conducted before committing Canadian taxpayers to spending billions more on this […]
IEEFA report: Additional $320 million in subsidies used to finance Trans Mountain Pipeline in first half of 2019
Economic case for TMX weaker than ever, according to financial analysisNovember 19, 2019 (IEEFA North America) – The most recent analysis by the Institute for Energy Economics and Financial Analysis (IEEFA) shows an additional $320 million in new subsidies was given in the first six months of this year to finance the already highly-subsidized multi-billion dollar Trans Mountain Pipeline (TMX), calling into question the economic […]