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TC Seeks $15bn Damages

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The company behind the ill-fated Keystone XL pipeline, TC Energy, is to seek damages from the US government of $15bn.

The pipeline was set to transport crude oil from western Canada to Nebraska.

TC Energy Corporation has filed a Notice of Intent to initiate a legacy North American Free Trade Agreement (NAFTA) claim under the United States-Mexico-Canada Agreement to recover economic damages resulting from the revocation of the Keystone XL Project’s Presidential Permit.

The project was announced in 2008 and while it stalled during Barack Obama’s term in office, it was revived by former President Donald Trump last year. Environmental concerns finally caused President Joe Biden to cancel the border crossing permit in January, and with Canadian officials’ efforts to reverse decision falling short, the project has since been abandoned.

The project’s price tag grew amid the lack of progress, increasing from $5.4bn to $9bn.

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