CALGARY — In an ornate ballroom in one of downtown Calgary’s few Edwardian hotels, hundreds of dark-suited men and women gathered over lunch Tuesday to hash out one of the questions festering at the heart of Alberta’s politics: What really happened to Energy East? In a letter to the National Energy Board explaining its decision, the company cited “delays resulting from the regulatory process,” among other obstacles. Canning Energy East was a reasonable business decision inspired by low oil prices, reduced oilsands production forecasts and the imminent approval of Keystone XL, Leach had argued publicly in the wake of the announcement. Oil prices are low, production predictions have been slashed, and once Keystone XL was back on the table, the less-efficient Energy East was doomed. Energy East would have been a viable third option, and oil companies were willing to pay the price of potentially having too much capacity.

Source: National Post November 09, 2017 02:15 UTC