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Created on: 2017-03-28 16:08:10
Last update: 2018-08-20 10:49:07
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About TransCanada Corporation
TransCanada Corporation, founded in 1951, is a Canadian energy company, based in Calgary, Alberta, developing and operating energy infrastructure in North America. Its pipeline network includes approximately 3,460 kilometres (2,150 miles) of oil pipeline, plus approximately 57,000 kilometres (35,418 miles) of wholly owned and 11,500 kilometres (7,146 miles) of partially owned gas pipeline that connects with all major gas supply basins in North America. TransCanada is one of the continent’s largest providers of gas storage and related services with approximately 407 billion cubic feet of storage capacity.
TransCanada also controls approximately 11,800 megawatts of power generation through various power plants in Canada and the United States. A major acquisition in 2016 was the Columbia Pipeline Group at USD 13 billion. At the end of 2016 TransCanada controlled CAD 88 billion of energy infrastructure assets.
450 - 1 Street SW
T2P 5H Calgary
Russ Girling |
listed on NYSE Euronext & Toronto Stock Exchange
An overview of TransCanada's major shareholders can be seen here.
The social impacts of TransCanada's Keystone XL Pipeline concern mostly the surrounding local communities (both indigenous and non-indigenous). These implications range from health issues, destruction of local environment, contamination of water, implications on farm production and possible destruction on local indigenous artefacts.
Regarding the Keystone XL Pipeline there are major concerns for the environment, from the original stages of production, to the processing and transportation of the oil. TransCanada Corp put “substandard materials” — made by Quebec manufacturing company, Ezeflow — in an Alberta natural gas pipeline that blew up in 2013, Canada’s pipeline regulator said on February 5 2016 as it finally responded to a four-year old warning from a whistleblower with a new industry-wide safety order (source the National Observer).
A July 2017 Greenpeace report concluded: oil spills anywhere pose serious risks to human health and the environment, and oil spilled into bodies of water is difficult to fully clean up. Diluted bitumen transported from Canada’s tar sands fields represents a particular threat to water resources along the routes of proposed pipelines.
The Keystone XL Pipeline will have major consequences for the human rights regarding Indigenous rights. The Rosebud Sioux, also known as the Sicangu Lakota, reside on a reservation that includes all of Todd County, South Dakota, and additional lands in the four adjacent. Poverty, high unemployment, substandard education and healthcare are all major issues these communities face. Choosing to live on reservations, therefore, can be a powerful statement of sovereignty. To some, it is an act of self-determination intended to stand against centuries of forced-assimilation policies which stripped land, resources and even children from tribal communities.
Keystone XL brought this hard-won spirit of sovereignty under threat. The plan to expand an existing oil pipeline system, linking oil-rich tar sands in the Canadian province of Alberta with refineries and distributors across the US, would essentially bisect South Dakota, cutting straight through Rosebud Sioux tribal land. Read the full article here.
Applicable norms and standards
Other applicable regulations
TransCanada's webpage on Corporate Social Responsibility can be viewed here.
Keystone XL Pipeline Sent Back for New Environmental Review
The U.S. State Department must conduct a new environmental review for the Keystone XL crude pipeline, a federal judge ruled. U.S. District Court Judge Brian Morris in Montana sided with indigenous and environmental groups in ruling Wednesday that a revised Keystone route is “interdependent” on the larger pipeline project and requires one environmental review (Bloomberg).
Nebraska commission approves Keystone XL route
The Keystone XL pipeline passed a major hurdle on Monday after Nebraska regulators approved the route for the project, which faced opposition from environmentalists and the Obama administration. The Nebraska Public Service Commission voted 3 to 2 to approve TransCanada's route for Nebraska's portion of the nearly 1,200-mile pipeline. However, the future of the project is still subject to the outcome of a likely legal battle (CNBC).
TransCanada Announces Termination of Energy East Pipeline and Eastern Mainline Projects
October 5 2017, TransCanada announced that it will no longer be proceeding with its proposed Energy East Pipeline and Eastern Mainline projects. Following is a statement from TransCanada President and CEO Russ Girling: "After careful review of changed circumstances, we will be informing the National Energy Board that we will no longer be proceeding with our Energy East and Eastern Mainline applications. TransCanada will also notify Quebec’s Ministère du Developpement durable, de l’Environnement, et Lutte contre les changements climatiques that it is withdrawing the Energy East project from the environmental review process."
President Trump approves construction of Keystone XL pipeline
President Donald Trump has approved the construction of the Keystone XL pipeline linking Canadian oil sands to U.S. refiners, a project blocked by former President Barack Obama. TransCanada said earlier in the day the U.S. Department of State had issued a presidential permit for the project (source CNBC).
Twenty-one financial institutions have provided TransCanada with USD 5 billion in revolving credit to its pipeline business in three loans from December 2016. JP Morgan Chase and Bank of Montreal are the lead banks arranging the credit (source www.ran.org).