Trans Mountain says the cost to build TMX has risen 44% since the last update. Read on for what to know about the government\u002Downed pipeline.
TMX construction in British Columbia.Poscente said that while he hadn’t been expecting good news ahead of the Trans Mountain update, he was caught off guard by the sheer size of the increase. “Does it have negative implications across the board for the project for Indigenous ownership? Yeah, it sure does. It’s absolutely disappointing on all fronts. I’m sure for the TMC team as well.”
Potential returns on Trans Mountain’s expansion were already being squeezed in the last couple of years thanks to increases related to COVID-19 andthat set back construction schedules in 2021 and required significant changes to the project’s scope. It has also been clear for some time that pipeline tolls won’t be sufficient to cover the increased costs. Trans Mountain’s current expectations are that oil companies shipping on the line would cover between 20 and 30 per cent of the increased capital costs through higher tolls — though the company has said the tolls will be adjusted based on the final cost of the project.Article content
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