Welcome!

News Feed Item

Final Environmental Review Demonstrates Keystone XL Should be Approved

CALGARY, ALBERTA -- (Marketwired) -- 01/31/14 -- TransCanada Corporation (TSX:TRP) (NYSE:TRP) (TransCanada) welcomed the U.S. Department of State's (DOS) latest environmental analysis of the Keystone XL Pipeline. The report's conclusions are consistent with results contained in over 15,000 pages of detailed scientific analysis in four previous environmental reviews of Keystone XL dating back to the spring of 2010.

"The environmental analysis of Keystone XL released today once again supports the science that this pipeline would have minimal impact on the environment," said Russ Girling, TransCanada's president and chief executive officer. "The next step is making a decision on a Presidential Permit for Keystone XL. I believe that this project continues to be in the national interest of the United States for two main reasons: supporting U.S. energy security and the thousands of jobs our multi-billion dollar project will create."

Girling adds that according to the U.S. Energy Information Administration and the International Energy Agency, the United States will continue to require millions of barrels of oil to be imported every day to meet its own needs for decades.

"It just makes sense for more of that supply to come from right here in North America," added Girling. "Let's get this done - it's time to bring over five years of regulatory review to an end and build this critical new piece of North American energy infrastructure."

The Final Supplemental Environmental Impact Statement issued today draws the following key conclusions:

--  Keystone XL is "unlikely to significantly impact the rate of extraction
    in the oil sands or the continued demand for heavy crude oil at
    refineries in the United States based on expected oil prices, oil-sands
    supply costs, transports costs and supply-demand scenarios."

--  Rail, along with ocean tanker and other pipeline alternatives exist to
    transport crude oil from the Western Canada Sedimentary Basin and Bakken
    region to Gulf Coast refineries. All other alternatives to Keystone XL
    are less efficient methods of transporting crude oil, resulting in
    significantly more greenhouse gas emissions, oil spills and risks to
    public safety.

--  The incorporation of 59 Special Conditions and dozens of other extra
    spill prevention and mitigation measures will ensure that Keystone XL
    will "have a degree of safety over any other typically constructed
    domestic oil pipeline system under current code."

--  Keystone XL will support approximately 42,100 direct, indirect and
    induced jobs and approximately $2 billion in earnings throughout the
    United States. It would contribute approximately $3.4 billion to U.S.
    gross domestic product and provide a substantial increase in tax
    revenues for local counties along the pipeline route, with 17 of 27
    counties expected to see tax revenues increase by 10 per cent or more.

Americans continue to support Keystone XL. Over the last three years more than 15 polls have indicated that the majority of Americans from all political backgrounds support the Keystone XL project. In September of 2013, a survey by the non-partisan Pew Research Center indicated that 65 per cent of Americans continue to favor building the Keystone XL Pipeline.

"It was North American producers and refiners who asked TransCanada to build Keystone XL and connect their refineries with Canadian and U.S. oil fields," said Girling. "They need the oil from this pipeline system to create products we all rely on - fuel for our vehicles, heat and air conditioning for our homes, diesel for farm tractors and heavy equipment, and thousands of consumer products that are made from petroleum-based products."

Girling added Keystone XL is "not about energy versus the environment; it's about where Americans want to get their oil. Keystone XL will displace heavy oil from places such as the Middle East and Venezuela, and of the top five regions the U.S. imports oil from, only Canada has substantial greenhouse gas regulations in place."

Keystone XL is currently the largest infrastructure project on the books in the U.S. and will benefit American families and the U.S. economy. In addition to the 9,000 construction jobs Keystone XL would create, local contractors and local businesses in the counties along the pipeline's route will benefit as well - restaurants, hotels, department stores, tire shops - the list goes on.

To date, TransCanada has entered into contracts for Keystone XL with over 50 suppliers across the U.S. and invested more than $2 billion to purchase materials and related services for items ranging from the steel pipe and thousands of valves and fittings, to transformers and large electric motors for pumping stations and cabling and electrical equipment to connect our vast pipeline monitoring systems.

Girling said the number one focus for TransCanada will be ensuring the pipeline is one of the safest and most technologically advanced pipelines in North America. "No other company has agreed to operate with all of the additional safety and operating procedures that TransCanada has," he said. "That speaks volumes to our commitment to minimizing the impact of our pipeline, and ultimately to the environment and communities it will operate through."

TransCanada's existing Keystone Pipeline has safely and reliably delivered more than 550 million barrels of crude oil from Canada to refinery markets in the U.S. Midwest since it began operation in July 2010.

With more than 60 years' experience, TransCanada is a leader in the responsible development and reliable operation of North American energy infrastructure including natural gas and oil pipelines, power generation and gas storage facilities. TransCanada operates a network of natural gas pipelines that extends more than 68,500 kilometres (42,500 miles), tapping into virtually all major gas supply basins in North America. TransCanada is one of the continent's largest providers of gas storage and related services with more than 400 billion cubic feet of storage capacity. A growing independent power producer, TransCanada owns or has interests in over 11,800 megawatts of power generation in Canada and the United States. TransCanada is developing one of North America's largest oil delivery systems. TransCanada's common shares trade on the Toronto and New York stock exchanges under the symbol TRP. For more information visit: www.transcanada.com or check us out on Twitter @TransCanada or http://blog.transcanada.com.

FORWARD LOOKING INFORMATION

This publication contains certain information that is forward-looking and is subject to important risks and uncertainties (such statements are usually accompanied by words such as "anticipate," "expect," "would," "will" or other similar words). Forward-looking statements in this document are intended to provide TransCanada security holders and potential investors with information regarding TransCanada and its subsidiaries, including management's assessment of TransCanada and its subsidiaries' future financial and operation plans and outlook. All forward-looking statements reflect TransCanada's beliefs and assumptions based on information available at the time the statements were made. Readers are cautioned not to place undue reliance on this forward-looking information. TransCanada undertakes no obligation to update or revise any forward-looking information except as required by law. For additional information on the assumptions made, and the risks and uncertainties which could cause actual results to differ from the anticipated results, refer to TransCanada's Quarterly Report to Shareholders filed November 5, 2013 and 2012 Annual Report filed under TransCanada's profile on SEDAR at www.sedar.com and with the U.S. Securities and Exchange Commission at www.sec.gov and available on TransCanada's website at www.transcanada.com.

Contacts:
TransCanada Media Enquiries:
Shawn Howard/Grady Semmens/Davis Sheremata
403.920.7859 or 800.608.7859

TransCanada Investor & Analyst Enquiries:
David Moneta/Lee Evans
403.920.7911 or 800.361.6522

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
"MobiDev is a software development company and we do complex, custom software development for everybody from entrepreneurs to large enterprises," explained Alan Winters, U.S. Head of Business Development at MobiDev, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
Agile has finally jumped the technology shark, expanding outside the software world. Enterprises are now increasingly adopting Agile practices across their organizations in order to successfully navigate the disruptive waters that threaten to drown them. In our quest for establishing change as a core competency in our organizations, this business-centric notion of Agile is an essential component of Agile Digital Transformation. In the years since the publication of the Agile Manifesto, the conn...
"We work around really protecting the confidentiality of information, and by doing so we've developed implementations of encryption through a patented process that is known as superencipherment," explained Richard Blech, CEO of Secure Channels Inc., in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
Major trends and emerging technologies – from virtual reality and IoT, to Big Data and algorithms – are helping organizations innovate in the digital era. However, to create real business value, IT must think beyond the ‘what’ of digital transformation to the ‘how’ to harness emerging trends, innovation and disruption. Architecture is the key that underpins and ties all these efforts together. In the digital age, it’s important to invest in architecture, extend the enterprise footprint to the cl...
Leading companies, from the Global Fortune 500 to the smallest companies, are adopting hybrid cloud as the path to business advantage. Hybrid cloud depends on cloud services and on-premises infrastructure working in unison. Successful implementations require new levels of data mobility, enabled by an automated and seamless flow across on-premises and cloud resources. In his general session at 21st Cloud Expo, Greg Tevis, an IBM Storage Software Technical Strategist and Customer Solution Architec...
Data is the fuel that drives the machine learning algorithmic engines and ultimately provides the business value. In his session at Cloud Expo, Ed Featherston, a director and senior enterprise architect at Collaborative Consulting, discussed the key considerations around quality, volume, timeliness, and pedigree that must be dealt with in order to properly fuel that engine.
"We were founded in 2003 and the way we were founded was about good backup and good disaster recovery for our clients, and for the last 20 years we've been pretty consistent with that," noted Marc Malafronte, Territory Manager at StorageCraft, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
Effectively SMBs and government programs must address compounded regulatory compliance requirements. The most recent are Controlled Unclassified Information and the EU's GDPR have Board Level implications. Managing sensitive data protection will likely result in acquisition criteria, demonstration requests and new requirements. Developers, as part of the pre-planning process and the associated supply chain, could benefit from updating their code libraries and design by incorporating changes. In...
Two weeks ago (November 3-5), I attended the Cloud Expo Silicon Valley as a speaker, where I presented on the security and privacy due diligence requirements for cloud solutions. Cloud security is a topical issue for every CIO, CISO, and technology buyer. Decision-makers are always looking for insights on how to mitigate the security risks of implementing and using cloud solutions. Based on the presentation topics covered at the conference, as well as the general discussions heard between sessio...
IoT is rapidly becoming mainstream as more and more investments are made into the platforms and technology. As this movement continues to expand and gain momentum it creates a massive wall of noise that can be difficult to sift through. Unfortunately, this inevitably makes IoT less approachable for people to get started with and can hamper efforts to integrate this key technology into your own portfolio. There are so many connected products already in place today with many hundreds more on the h...
Andi Mann, Chief Technology Advocate at Splunk, is an accomplished digital business executive with extensive global expertise as a strategist, technologist, innovator, marketer, and communicator. For over 30 years across five continents, he has built success with Fortune 500 corporations, vendors, governments, and as a leading research analyst and consultant.
No hype cycles or predictions of zillions of things here. IoT is big. You get it. You know your business and have great ideas for a business transformation strategy. What comes next? Time to make it happen. In his session at @ThingsExpo, Jay Mason, Associate Partner at M&S Consulting, presented a step-by-step plan to develop your technology implementation strategy. He discussed the evaluation of communication standards and IoT messaging protocols, data analytics considerations, edge-to-cloud tec...
Today we can collect lots and lots of performance data. We build beautiful dashboards and even have fancy query languages to access and transform the data. Still performance data is a secret language only a couple of people understand. The more business becomes digital the more stakeholders are interested in this data including how it relates to business. Some of these people have never used a monitoring tool before. They have a question on their mind like “How is my application doing” but no id...
Announcing Poland #DigitalTransformation Pavilion
Digital Transformation is much more than a buzzword. The radical shift to digital mechanisms for almost every process is evident across all industries and verticals. This is often especially true in financial services, where the legacy environment is many times unable to keep up with the rapidly shifting demands of the consumer. The constant pressure to provide complete, omnichannel delivery of customer-facing solutions to meet both regulatory and customer demands is putting enormous pressure on...