BTEGF - Trans Mountain expansion update - delay budget blowout Ottawa pulls funding

Almost three years after the Federal government of Canada announced its intention to acquire the Trans Mountain pipeline,  Ottawa is pulling the plug on funding. An expansion project slated to bring an additional ~600kb/d of Canadian oil to market was long delayed by protest and appeal when the Federal government stepped in to purchase the pipe for C$4.5b. Since, Ottawa has been able to move forward with construction, but at an increasingly high cost. Under Kinder Morgan's (NYSE:KMI) ownership, the expansion project was slated to cost C$7.4b; however, in 2020 the budget increased to C$12.6b, and Friday was updated to C$21.4b.  In concert with the budget update from Trans Mountain, Canada's Department of Finance released a statement declaring "the government will spend no additional public money on the project." With the government indicating the project is significantly de-risked, now 50% complete, Trans Mountain will need to secure additional elsewhere. The

For further details see:

Trans Mountain expansion update - delay, budget blowout, Ottawa pulls funding