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Cost to complete TMX expansion soars since purchased by feds

BREAKING: The cost to expand the TMX pipeline has skyrocketed since the federal government bought it for more than $4 billion.

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The cost to expand the TMX pipeline has skyrocketed since the federal government bought it for more than $4 billion.

Company officials announced Friday the cost to complete the project now stands at $12.6 billion.

“The Trans Mountain Corporation Board of Directors recently approved a Project cost estimate of $12.6 billion to bring it into service by the end of 2022,” said Ian Anderson, President and CEO of Trans Mountain Corporation, in a company release.

“To date, the company has spent $2.5 billion in respect to the Project, which includes the impact of delays and the resulting additional regulatory process. It is anticipated that an additional $8.4 billion will be spent to complete the Project, plus $1.7 billion of financial carrying costs.

“The company has also recommended to the Government of Canada in its capacity as owner and lender, a further $600 million reserve for cost impacts beyond the control of Trans Mountain.

“This estimated cost of the Expansion reflects today’s realities of enhanced environmental protections, security, quality assurance and Indigenous inclusion, and is based on reasonable assumptions, including the completion of regulatory approvals, permits and route hearings.”

Anderson said the company expects to make $1.5 billion from the expanded pipeline first full year of operation.

The feds bought the Trans Mountain pipeline for $4.5 billion in May, 2018, after Kinder Morgan, pulled out because of political and environmental opposition.

Anderson said construction along the entire route should be underway before the end of the year and complete in 2022.

“Today, we have more than 2,900 people working on the Project and that number will grow significantly in the months ahead. With 65 per cent of the detailed route approved, and a process established by the Canada Energy Regulator for the remainder in progress, the path forward is clear. Construction is accelerating and we’re very excited to be delivering this important Project and on our commitments to Canadians, our customers and communities,” said Anderson.

“At peak construction, there will be approximately 5,500 workers employed in communities along the construction corridor in Alberta and British Columbia. Trans Mountain is prioritizing and maximizing Indigenous, local and regional hiring to the greatest extent possible.”

On Tuesday, the Federal Court of Appeal dismissed the latest attempt by four B.C. indigenous groups to quash the Government of Canada’s approval of the TMX clearing the way for the 1,150-km, 890,000 bbl/d line between Edmonton and Burnaby.

Dave Naylor is News Editor of the Western Standard

dnaylor@westernstandardonline.com

Twitter: Nobby7694

Dave Naylor is the News Editor of the Western Standard. He has served as the City Editor of the Calgary Sun and has covered Alberta news for nearly 40 years. dnaylor@westernstandardonline.com

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UPDATED: Saskatchewan election called

Saskatchewan Premier Scott Moe will send the province into an election Tuesday.

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Saskatchewan Premier Scott Moe will send the province into an election Tuesday.

Moe took to twitter Monday night to tell voters they would be going to the polls in the middle of a COVID-19 pandemic.

“Tomorrow, I will ask Lt. Gov. Russ Mirasty to dissolve the Legislature,” Moe tweeted.

“This will be quite a different #skvotes campaign –but a very important one that will ask Saskatchewan voters one question: Who do you trust to lead Saskatchewan’s economic recovery?”

When the legislature was dissolved, Moe’s Saskatchewan Party held a 46-13 lead over the NDP.

Moe was sworn in as premier in 2018.

Dave Naylor is the News Editor of the Western Standard
dnaylor@westernstandardonline.com
TWITTER: Twitter.com/nobby7694

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CORY MORGAN WEBCAST: Wild goose hunt, Alberta style

An interview with Jason Siliker of Canadian Premier Hunts on the multiple times that the RCMP interrupted his goose hunt.

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B.C. Liberals vow to cancel PST for one year; return at 3 per cent

“Everybody pays the PST, so everybody saves under the B.C. Liberal plan,” said Andrew Wilkinson

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B.C. Liberals say, if elected, they will help the economy recover by removing the 7 per cent provincial sales tax for one year.

After a year, a Liberal government would set the PST at 3 per cent until the economy recovers.

The federal GST is currently 5 per cent.

“British Columbians have lost confidence in the direction of the province and the weak economic record of the NDP. B.C. families and small businesses need help now, which is why a B.C. Liberal government will immediately eliminate the PST for one year — saving you money right away, getting more people working, and bringing investment back to B.C.,” said B.C. Liberal Leader Andrew Wilkinson.

“Countless people are still out of work, small businesses are facing bankruptcy, and the public health threat from COVID-19 is still very real.

“Eliminating PST puts more money in people’s pockets, stimulates growth for struggling small business, and helps British Columbians who are struggling to get by. This is a vital step to rebuild our economy.”

The Liberals say a family of four earning $60,000 per parent will save $1,714 in the first year, followed by an additional $979 in the second year. 

“Everybody pays the PST, so everybody saves under the B.C. Liberal plan,” said Wilkinson.

The Canadian Taxpayers Federation is applauding the pledge.

“We pay the PST on everything from used cars to toilet paper so this would save everyone a lot of money,” said Kris Sims, B.C. Director of the CTF.

“The best way to save people money is for governments to stop taking so much of it in the first place.

“We hope all of the parties can match or beat this promise so we can get serious about tax cuts during this election.”

In the 2019-20 budget year, British Columbians paid more than $7.5 billion in the PST.

“We need to do all we can to jolt our economy back to life and eliminating the PST would clear a lot of hurdles for working people and struggling businesses to get things rolling again,” said Sims.

“People know how to spend their money much better than the government does.”

B.C. residents go to the polls Oct. 24.

Dave Naylor is the News Editor of the Western Standard
dnaylor@westernstandardonline.com
TWITTER: Twitter.com/nobby7694

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