Keystone Pipeline terminates – TC Energy wants compensation from Biden Administration
In June 2021, TC Energy Corp (TC) announced that it would be terminating the KeyStone XL Pipeline Project after consulting with the Government of Alberta. The Keystone XL project was expected to link Canadian Oil resources to Nebraska, which connects to pipelines in Oklahoma and Illinois. The project has stirred controversy dating back to 2015, when the proposal was rejected by the Obama administration. While the project resumed in 2017 under the Trump Administration, its Presidential Permit was revoked by the newly elected Biden Administration, due to climate concerns. TC has sued the US government for over $15.0 billion in damages, claiming the US government breached its free trade obligations.
Discontinued ActivityIn response to volatile demand in the wake of the first COVID-19 surge, the company undertook a comprehensive cost reduction program, aimed at shoring up labor and supply costs.
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