Alberta is on the hook for a pretty penny thanks to the cancellation of the Keystone XL pipeline. The provincial government officially broke off its deal with Calgary’s TC Energy Wednesday.
Because the agreement was guaranteed, it’ll cost Alberta taxpayers roughly $1.3 billion. Energy Minister Sonya Savage says they invested in Keystone XL because of the projected long-term economic benefits.
“However, terminating our relationship with TC Energy’s project is in the best interest of Albertans under current conditions.”
The project died when U.S. President Joe Biden signed an executive order revoking the pipeline’s permit after being sworn into office back in January. It would have transported up to 830,000 barrels of oil a day from Alberta to Nebraska.
The provincial government says the two parties will continue to explore all options to recoup the government’s investment in the project.
