Caisse de depot et placement du Quebec, Canada's second biggest public pension and Kinder Morgan Canada's biggest independent shareholder, has shown the most appetite for financing the construction of new infrastructure among Canada's biggest pension plans.
Ottawa has the constitutional authority to build interprovincial projects like pipelines, but B.C. Premier John Horgan has gone to court to get a judge to weigh in on whether B.C.'s jurisdiction for the environment would allow him to regulate what flows through the pipeline.
The $4.5-billion purchase price does not cover the construction costs of building the new pipeline, however; Morneau refused to say what that cost may be.
The Alberta government has agreed to cover any unexpected costs that arise during construction.
Still, Darling said he plans to follow up with Energy East proponents to see if it's something they can move on. "I'm concerned there could be catastrophic consequences from a diluted bitumen spill, regardless of the owner of the pipeline", Horgan said.
Wall joined BNN Bloomberg hours after the federal government committed $4.5B to purchase all of Trans Mountain from Kinder Morgan Canada.
The Desjardins analysts suggested that, even if the pipeline were to be built, it would not provide enough capacity for Canadian oil exports going forward.More news: USA announces timeline for 25% tariff on Chinese tech products
"I think there will be a lot of private sector interest in this project once the political risk is taken out of it". Your $4.5 billion only buys Kinder Morgan's existing pipeline assets.
So while Kinder Morgan won't be owning it any more after the purchase closes at the end of July, they'll be supplying the talent to build it, at least in the short term.
"This deal - and this pipeline - will unlock investment in our oilsands because we're now on the path to getting full value for our energy resources".
The Government of Canada isn't planning to hold on to the project, and will look for investors to transfer ownership once it's completed.
Kinder Morgan Canada Ltd. listed on the Toronto Stock Exchange on May 30 a year ago, luring investors with the promise of building the massive Trans Mountain expansion project.
The Liberal government has chose to resolve the Kinder Morgan pipeline deadlock by buying the pipeline outright.
Finance Minister Bill Morneau said purchasing the pipeline was the only way to ensure that a planned expansion could proceed. The move ended weeks of speculation sparked by Kinder Morgan's threat to abandon a project facing "unquantifiable risk" as the British Columbia government vowed to use every tool to block it.More news: Trump says spy infiltrated his campaign; lawyer casts doubt
"We continue to engage in financial discussions on the way we are going to do that", he said.
"I hope this works", tweeted Moe, adding the decision by the federal government leaves questions.
"As of today, this is the most certainty that this project has ever had", she said.
The Alberta government responded with a short-lived ban on the import of B.C. wines, and the passing of Bill 12, legislation that would allow the Alberta government to "turn off the taps" for oil imports to B.C.
When Canadian taxpayers appreciate the scale of the federal abuse of trust here as well as the government's blatant corporate welfare for a Texas pipeline company, there will be hell to pay from coast to coast.
"He had an opportunity to walk away from pipeline politics and get on with the real work of leading Canada, and the world, in a 100 per cent renewable energy revolution, but instead he's opted to ignore science, Indigenous rights and the voices of people across Canada and bailed out a unsafe, unwanted pipeline with public money".
Still, the federal government approved the pipeline in November 2016, on the condition that it meet 157 conditions related to its impact on Indigenous communities, environmental impacts and myriad other areas. Besides Trans Mountain, it also owns crude-oil storage and rail terminals in Alberta, the Vancouver Wharves Terminal and the Cochin condensate pipeline system.More news: Hurricane Maria's death toll was far worse than officials said