Dennis McConaghy was formerly the executive vice-president of pipeline strategy and development at TransCanada Pipelines.
I was a senior officer of TransCanada Pipelines when the Energy East project was conceived and developed commercially, up to the mid-summer of 2014 when I retired (I continue to be a shareholder but obviously I am no longer a company insider).
Two things are clear to me. One: the termination of the Energy East project is a major economic loss for Canada, removing an important option for providing market access for growing production from Canada’s oil sands resource, including direct access to eastern Canadian crude oil markets.
Two: The Trudeau government should be stepping up to accept some real culpability for contributing to TransCanada’s decision to abandon the project, instead of resorting to various sophistries and distortions. The real lessons to be learned from the Energy East termination cannot be ignored if this country is to ever have a regulatory and public-policy regime conducive for private capital to take on the risks of major hydrocarbon infrastructure. Continue Reading →