Apparently, TransCanada has suspended its application for a permit for the Keystone XL pipeline. Here's the WSJ:
The company behind the Keystone XL pipeline on Monday asked the U.S. government to suspend its permit application, throwing the politically fraught project into an indefinite state of limbo, beyond the 2016 U.S. elections.
Calgary, Alberta-based TransCanada Corp. sent a letter to the State Department, which reviews cross-border pipelines, to suspend its application while the company goes through a state review process in Nebraska it had previously resisted. The move comes in the face of an expected rejection by the Obama administration and low oil prices that are sapping business interests in Canada’s oil reserves.
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TransCanada’s move comes as the State Department was in the final stages of review, with a decision to reject the permit expected as soon this week, according to people familiar with the matter.
A State Department spokesman didn’t immediately respond to a request for comment. It must now decide whether to accept the company’s request or proceed with a final decision.
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TransCanada has spent at least $2.5 billion on the project, whose total cost if built was estimated to be at least $10 billion due to delays and increased permitting costs.
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The company has insisted it won’t abandon the pipeline route as long as shippers continue to back it. ...
It looks likely the decision will be pushed to the next President. A Republican election win means approval, a Democratic win means no pipeline (and perhaps a NAFTA Chapter 11 lawsuit to get some of that $2.5 billion back).
