OEB says Energy East pipeline risks outweigh benefits

Categories: News
Published on: August 14, 2015

CBC News / 13 August 2015

transcanada-energy-east-pipelineThe Ontario Energy Board says the environmental risks of the $12 billion Energy East pipeline project outweigh the potential benefits, and warns it will drive up natural gas prices.

“What we have found is there is an imbalance between the economic and environmental risks of the project and the expected benefits for Ontarians,” said OEB vice-president Peter Fraser as he released a report on Energy East.

TransCanada Corp. (TSX:TRP) is planning to build the pipeline to bring Alberta crude to refineries in Quebec and to a refinery and marine terminal in Saint John, N.B. For two-thirds of the way, it plans to convert a natural gas pipeline for oil and then build all new pipe throughout Quebec and New Brunswick.

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