TC Energy seeks damages for pipeline cancellation
TC Energy says it will seek more than US$15 billion from the U.S. government in the wake of President Joe Biden’s cancellation of the Keystone XL pipeline’s damage permit.
The Calgary-based company says it launched a claim under the legacy rules tied to the old North American Free Trade Agreement, or NAFTA, because of what it says is the U.S. government’s breach of its free trade obligations.
The company has filed a notice of intent with the U.S. Department of State.
Biden revoked the permit for Keystone XL shortly after his inauguration. TC Energy formally cancelled the project earlier this month, taking a $2.2-billion writedown.
The proposed pipeline had been the subject of a decade-plus battle the pitted the energy industry against environmentalists.
The Alberta government invested in the project and was left on the hook for $1.3 billion when it was cancelled.