Keystone XL canceled—cost for Albertans will be $1.3bn

Province and TC Energy announced the termination of the pipeline on Wednesday.

The final cost to Albertans for the Keystone XL pipeline will be about $1.3 billion as the provincial government and TC Energy announced the official termination of the project Wednesday. 

“We invested in Keystone XL because of the long-term economic benefits it would have provided Albertans and Canadians,” said Energy Minister Sonya Savage in a news release. 

The Canadian leg of the project had been under construction for several months with around 1,000 workers in southeast Alberta. The provincial government agreed last year to invest about $1.5 billion as equity in the project, plus billions more in loan guarantees. 

If completed, the 1,897-kilometre pipeline, first announced in 2005, would have carried 830,000 barrels of crude a day from Hardisty, Alberta, to Nebraska. It would then have connected with the original Keystone that runs to US refineries on the Gulf Coast.