Thursday, 19 July, 2018

Notley responds to Ottawa's promise to compensate Kinder Morgan against political delays

Notley responds to Ottawa's promise to compensate Kinder Morgan against political delays Notley responds to Ottawa's promise to compensate Kinder Morgan against political delays
Shannon Reynolds | 18 May, 2018, 15:46

Credit Suisse Group started coverage on shares of Kinder Morgan in a report on Thursday, January 4th.

Saskatchewan's former premier offered rare praise for the federal government Wednesday, as well as hard questions for the future of the Trans Mountain pipeline expansion as British Columbia Premier John Horgan's government continues to challenge the project.

"This federal government is prepared to say to my province you don't get your $60 million of low carbon infrastructure dollars cause you won't sign on with the carbon tax", said Wall, referring to Ottawa's efforts to impose a carbon tax on Saskatchewan.

"The federal finance minister is trying to use our government as an excuse, as the federal government puts taxpayer money on the line to backstop risks to private investors, while completely ignoring the risks to B.C.,"Horgan said".

I speak for many voters when I say that I will not pay to bail out Kinder Morgan's unviable and floundering Trans Mountain pipeline expansion project. Bill Morneau says building the expansion is in the "best interest" of Canadians.

"We believe that what Premier Horgan has done is unconstitutional".

Reporters asked Mr. Morneau on Thursday to reveal how much the indemnification might amount to - or what the resulting financial risk could be for the federal government.

If you have been following the subject of the Trans Mountain pipeline project this week, it has taken yet another confusing turn.

"We think there is a way to do it in a commercially appropriate way, so the project is economically viable - then we can actually provide sort of like insurance", he said during an interview with BNN Bloomberg.

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Prime Minister Justin Trudeau, speaking to reporters in NY on Thursday, said he's confident the economics of the Trans Mountain expansion are solid because it will help Canadians fetch higher prices for oil exports "The discount Canadian oil producers [must accept] because we only have a single market to which we sell 99 per cent of our oil exports - the United States - means we're losing about $15-billion a year".

"This is an exceptional situation", said Morneau, who has been in talks with Kinder Morgan. "We are very confident there is a strong business case for a pipeline", Trudeau said. "And getting access to different markets for our natural resources actually makes good economic sense".

Morneau said the government is intervening because of the "exceptional" circumstances around the project.

Negotiations between Ottawa and Kinder Morgan are ongoing.

Kinder Morgan, Inc operates as an energy infrastructure company in North America. Mackenzie Financial Corp lifted its stake in Kinder Morgan by 193.5% in the 4th quarter. Barclays dropped their price target on Kinder Morgan from $23.00 to $20.00 and set an "overweight" rating for the company in a research note on Tuesday, April 17th.

In April the company announced it was suspending all non-essential activity and spending on the pipeline, in part due to "the continued actions in opposition to the project by the Province of British Columbia".

Andrew Botterill, national oil and gas leader at Deloitte, which advises energy companies, said investors think Canadian pipelines and other resource projects generally face high political risk.

Separately, the fight between the Alberta and B.C. governments over the Trans Mountain expansion is expected to end up in Alberta's courts. "We will now move forward and challenge the constitutional validity of Bill 12 in the Court of Queen's Bench of Alberta by next week".

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