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TC Energy Halts Spending on Keystone XL, Says It’s ‘Disappointed’ With Biden Move

Canada Keystone XL President-elect Joe Biden US US News World

TC Energy Halts Spending on Keystone XL, Says It’s ‘Disappointed’ With Biden Move

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CALGARY—TC Energy Corp. says it has suspended work on the Keystone XL project in anticipation of U.S. president-elect Joe Biden revoking its vital presidential permit once he is sworn in later today. In a news release, it says it is “disappointed” with Biden’s expected action, adding it will overturn extensive regulatory reviews that found the pipeline would transport needed energy in an environmentally responsible way and bolster North American energy security. It warned the move will lead to the layoffs of thousands of union workers and comes despite its commitments to use more renewable energy and draft partnerships with Indigenous communities. TC Energy says it will stop capitalizing costs, including interest during construction, effective Wednesday, and will evaluate the carrying value of its investment in the pipeline, net of project recoveries. It says this will likely result in “substantive” mostly non-cash writedowns in its first-quarter financial results. On Tuesday, Alberta …

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