Legislation will pass Wednesday to give Alberta the power to turn off the taps, says Premier Rachel Notley, commenting on the heels of a federal promise to eliminate financial risk for investors in the Trans Mountain pipeline expansion.
“There are a number of different leverage points in what is a complex negotiation,” she said Wednesday.
The NDP’s cornerstone Bill 12 will grant the energy minister final say over the crude oil, natural gas and refined fuels shipped out of Alberta.
“We are working closely with the federal government to provide legal certainty for investors,” Notley said.
Her comments followed a morning news conference where Federal Finance Minister Bill Morneau said Ottawa would back other interested investors if Kinder Morgan Inc. abandoned the project.
The government is willing to “provide indemnity” to any investors, be they the project’s original architects or otherwise, to ensure the controversial Alberta-B.C. project is able to proceed, Morneau told reporters in Ottawa.
His news conference coincided with Kinder Morgan’s annual meeting in Calgary, which drew nearly 100 pro-pipeline protesters.
The company handed down a May 31 deadline to restore shareholder confidence and warned it could walk away from the $7.4-billion project, halting non-essential spending on the expansion.
B.C. Premier John Horgan has promised his government would use every tool at its disposal to block the pipeline, citing environmental concerns.
Notley has repeatedly said she would do whatever it takes to get the pipeline to tidewater built, including buying the project outright.
Ottawa has also promised the project will go ahead, with Prime Minister Justin Trudeau instructing Morneau to sit down with Kinder Morgan and come up with financial solutions.
“We are willing to indemnify the Trans Mountain expansion against unnecessary delays that are politically motivated,” Morneau said.
“If Kinder Morgan is not interested in building the project — we think plenty …read more
Source:: Edmonton Journal