Kinder Morgan Trans Mountain Expansion Project Advances; National Energy Board Finds Project to Be in the Public Interest and Recommends Approval
By Business Wire News
By Business Wire News
Canada’s National Energy Board (NEB) has concluded that the Trans Mountain Expansion Project is in the public interest and recommended the Federal Governor in Council approve the proposed expansion. The NEB’s recommendation will allow the Project to proceed with 157 conditions if the Governor in Council approves the project. The Federal Government will make the final decision on the Project in December 2016.
“Trans Mountain is pleased with the NEB’s recommendation,” said Ian Anderson, president of Kinder Morgan Canada. “The decision is the culmination of a lengthy and thorough regulatory review process and considers the many thousands of hours of environmental and technical studies, scientific evidence and community engagement that has been part of this comprehensive assessment. After an initial review of the report, Trans Mountain believes the 157 Project-specific conditions, many in response to input from Intervenors, are rigorous and appear to be achievable.” Trans Mountain continues to analyze the NEB’s conditions for implications to community commitments, costs and Project timeline, but is still expecting the in-service date to be December 2019.
“This report is a reflection of our evidence along with the valuable input from Intervenors and our conversations with communities, Aboriginals and individuals,” added Anderson. “Now, more than ever our Project makes sense for Canada. We have demonstrated the demand for much-needed access to global markets and how building this pipeline will bring both dollars and many thousands of jobs for communities in British Columbia and Alberta at a time when our economy needs it most.”
Trans Mountain has conducted a robust public engagement program since the announcement of the proposed Project in 2012 that has included consultation with thousands of individuals to date. Engagement will continue throughout the review processes, construction and operation of the expansion. Through some 159 open houses and workshops and hundreds of meetings along the pipeline and marine corridors, as well as more than 24,000 points of engagement with Aboriginal communities, Trans Mountain improved and optimized its planning and mitigation measures to address concerns.
To date, close to 40 Aboriginal groups located along the Project and marine corridor in Alberta and British Columbia have provided written letters of support for the Project. The Project team is building long-term relationships with Aboriginal communities along the proposed pipeline corridor to create new opportunities and shared prosperity.
About Trans Mountain Expansion Project
In spring 2012, Kinder Morgan Canada announced it will move forward with its proposed plans to expand the existing Trans Mountain Pipeline system – between Edmonton, Alberta, and Burnaby, British Columbia – following strong commitments received from its customers. The Conference Board of Canada found the Project is expected to generate $46.7 billion in government revenues and 802,000 person years of employment, the equivalent of 40,000 jobs each year, over more than 20 years. For almost 60 years, the 1,150-km Trans Mountain pipeline system has been safely and efficiently providing the only West Coast access for Canadian oil products, including about 90 per cent of the gasoline supplied to the Interior and South Coast of British Columbia. For more information, please visit www.transmountain.com.
Kinder Morgan, Inc. (NYSE: KMI) is the largest energy infrastructure company in North America. It owns an interest in or operates approximately 84,000 miles of pipelines and approximately 180 terminals. The company’s pipelines transport natural gas, gasoline, crude oil, CO2 and other products, and its terminals store petroleum products and chemicals, and handle bulk materials like coal and petroleum coke. For more information please visit www.kindermorgan.com.
Important Information Relating to Forward-Looking Statements
This news release includes forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and Section 21E of the Securities and Exchange Act of 1934.Generally the words “expects,” “believes,” anticipates,” “plans,” “will,” “shall,” “estimates,” and similar expressions identify forward-looking statements, which are generally not historical in nature.Forward-looking statements are subject to risks and uncertainties and are based on the beliefs and assumptions of management, based on information currently available to them.Although Kinder Morgan believes that these forward-looking statements are based on reasonable assumptions, it can give no assurance that any such forward-looking statements will materialize.Important factors that could cause actual results to differ materially from those expressed in or implied from these forward-looking statements include the risks and uncertainties described in Kinder Morgan’s reports filed with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the year-ended December 31, 2015 (under the headings “Risk Factors” and “Information Regarding Forward-Looking Statements” and elsewhere) and its subsequent reports, which are available through the SEC’s EDGAR system at www.sec.gov and on our website at ir.kindermorgan.com. Forward-looking statements speak only as of the date they were made, and except to the extent required by law, Kinder Morgan undertakes no obligation to update any forward-looking statement because of new information, future events or other factors.Because of these risks and uncertainties, readers should not place undue reliance on these forward-looking statements.
Trans Mountain Media Relations
(855) 908-9734 or (604) 908-9734
Kinder Morgan Investor Relations
Kinder Morgan Media Relations
Richard Wheatley, (713) 420-6828