TransCanada’s Energy East pipeline delayed
TransCanada (NYSE:TRP) says it will not file for regulatory approval for its 1.1 million barrel per day Energy East Pipeline this year, the Canadian Press reports.
The energy giant is planning a 4,500km West-to-East pipeline to transport Alberta crude across Canada. TransCanada had planned on filining an application by the end of 2013.
Steve Pohlod, vice-president of the company, told an energy conference in New Brunswick on Thursday that “there is too much work to do” and this year’s goal will not be met.
The $12 billion project, which has come under fire from environmental groups, still has “environmental work” to do, Pohlod said, as reported by the Canadian Press.
TransCanada was down 1.4% on the New York exchange on Thursday, trading at $43.12 per share. The firm has lost nearly 9% year-to-date.
On Wednesday the company announced another delay, this time for its highly contested Keystone XL project. According to a release published with the US Securities and Exchange Commission, TransCanada does not believe the White House will make a decision on the $7 Canada-US pipeline this year.