• About
    • Which Energy Mix is this?
  • Climate News Network Archive
  • Contact
The climate news that makes a difference.
No Result
View All Result
The Energy Mix
  • Canada
  • UK & Europe
  • Fossil Fuels
  • Ending Emissions
  • Community Climate Finance
  • Clean Electricity Grid
  • Cities & Communities
SUBSCRIBE
DONATE
  • Canada
  • UK & Europe
  • Fossil Fuels
  • Ending Emissions
  • Community Climate Finance
  • Clean Electricity Grid
  • Cities & Communities
SUBSCRIBE
DONATE
No Result
View All Result
The Energy Mix
No Result
View All Result
  • Canada
  • UK & Europe
  • Fossil Fuels
  • Ending Emissions
  • Community Climate Finance
  • Clean Electricity Grid
  • Cities & Communities
  FEATURED
BP Predicts Faster Oil and Gas Decline as Clean Energy Spending Hits $1.1T in 2022 January 31, 2023
Canada Needs Oil and Gas Emissions Cap to Hit 2030 Goal: NZAB January 31, 2023
Ecuador’s Amazon Drilling Plan Shows Need for Fossil Non-Proliferation Treaty January 31, 2023
Rainforest Carbon Credits from World’s Biggest Provider are ‘Largely Worthless’, Investigation Finds January 31, 2023
Danske Bank Quits New Fossil Fuel Financing January 23, 2023
Next
Prev

Pipeline Roundup: Flotilla Paddles to Kinder Morgan Terminal While Documents Reveal Details of Buyout Negotiations

July 15, 2018
Reading time: 4 minutes
Primary Author: Mitchell Beer @mitchellbeer

Mike Hudema/Twitter

Mike Hudema/Twitter

 

More than 100 First Nations and environmental protesters brought their canoes, kayaks, boats, and rhibs from North Vancouver’s Cates Beach to the Kinder Morgan tanker terminal in Burnaby Saturday, while hundreds of supporters rallied onshore.

Indigenous Elders participating in the flotilla held a traditional water ceremony at the terminal fence with drumming, singing, and prayer, the Star Vancouver reports.

  • Be among the first to read The Energy Mix Weekender
  • A brand new weekly digest containing exclusive and essential climate stories from around the world.
  • The Weekender:The climate news you need.
New!
Subscribe

“Today’s very important for us to continue showing why we’re all here, protecting our ceremonies, and bringing back to our culture our teachings that’s been with us for centuries,” said Will George of the Tsleil-Waututh First Nation, one of the organizers of the event.

“I’m not here as a protester. I’m here to protect our inherent right to water,” said Squamish Nation Elder Robert Nahanee. “We come from water, and if it’s not pure, we’re sick. We as First Nations are practicing our inherent right to water.”

A Greenpeace ship, the Arctic Sunrise, was originally set to join the flotilla, until it ran into unexpected fees from the Port of Vancouver. The Star Vancouver says the captain and crew still participated in inflatable boats.

“Even though we don’t have the ship, we completely support the First Nations and the community to stop the Trans Mountain pipeline,” said ship captain Joel Stewart. “Besides the fact that expanding the tar sands output and the pipeline is a climate time bomb, and just something we have to stop, it can go to wind turbines, light rail, or public transport. It’s time to stop the pipeline, stop fossil fuels, and time to clean up the Salish Sea.”

National Observer carried a letter to the editor from Farid Iskandar, a volunteer from Alberta Premier Rachel Notley’s most recent provincial campaign who became one of 12 protesters forming a “human drawbridge” in early July to block a tanker from the Burnaby terminal. “I believed in her vision for Alberta,” Iskandar wrote. “I slowly became disillusioned by her decisions, especially when she decided to put all of her political eggs in the basket of a Texan oil company.” Observer columnist Nora Loreto, commenting on Greyhound bus line’s recent decision to cancel all its routes west of Sudbury, Ontario, asked pointedly whether Canada would “rather move steaming piles of bitumen, or people”.

Meanwhile, documents filed by Kinder Morgan with the U.S. Securities and Exchange Commission (SEC) revealed the Texas-based pipeliner originally asked C$6.5 billion to sell the Trans Mountain project, and Canada originally offered $3.85 billion to buy it, before they settled on the final buyout price of $4.5 billion. That figure excludes $325 million in federal capital gains tax that Kinder will be expected to pay at the end of the year.

Once negotiations had played out and Canada’s $4.5-billion buyout was on the table, the Kinder Morgan board “urged shareholders to accept the offer, since the alternative was take a $1 billion write-off (money already spent or committed on the expansion) and simply cancel the project,” reports industry newsletter JWN Energy.

The filing also sheds light on how panicked Kinder Morgan became when the B.C. government asked for a court reference to test its right to regulate the environmental safety of the company’s operations. The Financial Post details Kinder’s complaints at the time, both against the John Horgan government and the Burnaby city government. JWN Energy recalls that Alberta also offered a $2-billion “backstop” to cover unavoidable cost overruns on the project, but Kinder was concerned “that a financial backstop would not…provide any clarity with respect to the ability to construct through B.C.,” the SEC filing stated.

But now, it’s a different world for Kinder Morgan, with fossil-watchers waxing ecstatic about the company’s upcoming business prospects [all brought to you courtesy of Canadian taxpayers—Ed.]. The company is building a 9,100-mile natural gas pipeline from Texas’ Permian Basin, while analysts on the Seeking Alpha investment blog point to its immediate prospects for reliable, low-risk growth.

“Getting rid of the Trans Mountain project allows Kinder Morgan to focus on other, more attractive projects,” writes blogger Jonathan Weber. “Capital and labour that has been freed up can be deployed towards smaller, less problematic investments where the return on investment is higher and where the point in time when the project starts positively impacting Kinder Morgan’s bottom line is closer.”

“Kinder is getting back into growth,” agrees a high school teacher and MBA blogging as Long Player.

“Not only is Kinder Morgan looking at growth, but it is also looking at low-risk growth,” s/he writes. “After all that time and effort on a project that ended up as a sale before it was complete, now it is back to basics. There are plenty of low-risk projects that can complete quickly with a minimum of government interference. The need for a blockbuster project like the Trans Mountain expansion project just is not great enough to cover all the challenges entailed. Therefore shareholders can expect lower risk, less complicated projects in the future. That should make future price appreciation far more predictable.”



in Climate Action / "Blockadia", Community Climate Finance, First Peoples, Pipelines / Rail Transport, Tar Sands / Oil Sands

The latest climate news and analysis, direct to your inbox

Subscribe

Related Posts

Mike Mozart/Flickr
Ending Emissions

BP Predicts Faster Oil and Gas Decline as Clean Energy Spending Hits $1.1T in 2022

January 31, 2023
322
Gina Dittmer/PublicDomainPictures
Canada

Canada Needs Oil and Gas Emissions Cap to Hit 2030 Goal: NZAB

January 31, 2023
196
CONFENIAE
Ending Emissions

Ecuador’s Amazon Drilling Plan Shows Need for Fossil Non-Proliferation Treaty

January 31, 2023
61

Comments 1

  1. ron wilton says:
    5 years ago

    Kinder Morgan are a pack of rats leaving a sinking pirate ship and taking all the treasure with them.
    Morneau and Trudeau were like novice Texas Hold’em poker players where the KM pros all looked for the suckers to fleece for easy money and the two ‘new’ guys can’t find one because they’re the suckers.
    Problem is, they were ‘playing’ with our money without our permission. They will be gone in 2019 but our debt will go on for generations and the ‘new’ Trans Mountain pipeline will never be built.
    Voting them in to office was not our intent to give the Liberals a free reign. We really just voted against Harper to avoid getting into this mess.
    I guess you really have to be careful about what you wish for because even if you get your wish you might just end up getting what you were trying to avoid.
    If either Trudeau or Morneau had half the economic savvy of their fathers they would have done their homework and learned how shady KM really was and run like hell from ever dealing with them.

    Reply

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

Trending Stories

Mike Mozart/Flickr

BP Predicts Faster Oil and Gas Decline as Clean Energy Spending Hits $1.1T in 2022

January 31, 2023
322
Ken Teegardin www.SeniorLiving.Org/flickr

Virtual Power Plants Hit an ‘Inflection Point’

January 31, 2023
125
RL0919/wikimedia commons

Danske Bank Quits New Fossil Fuel Financing

January 23, 2023
2.4k
Gina Dittmer/PublicDomainPictures

Canada Needs Oil and Gas Emissions Cap to Hit 2030 Goal: NZAB

January 31, 2023
196
Doc Searls/Twitter

Guilbeault Could Intervene on Ontario Greenbelt Development

January 31, 2023
132
/snappy goat

Rainforest Carbon Credits from World’s Biggest Provider are ‘Largely Worthless’, Investigation Finds

January 31, 2023
94

Recent Posts

CONFENIAE

Ecuador’s Amazon Drilling Plan Shows Need for Fossil Non-Proliferation Treaty

January 31, 2023
61
Victorgrigas/wikimedia commons

World Bank Climate Reforms Too ‘Timid and Slow,’ Critics Warn

January 31, 2023
42
United Nations

Salvage of $20B ‘Floating Time Bomb’ Delayed by Rising Cost of Oil Tankers

January 27, 2023
121
@tongbingxue/Twitter

Extreme Warming Ahead Even as Worst-Case Scenarios Grow ‘Obsolete’

January 23, 2023
341
Rachel Notley/Facebook

Notley Scorches Federal Just Transition Bill as Fossil CEO Calls for Oilsands Boom

January 23, 2023
313
EcoAnalytics

Albertans Want a Just Transition, Despite Premier’s Grumbling

January 23, 2023
323
Next Post
Houses of the Oireachtas/Flickr

Ireland Votes to Divest from Fossil Fuels

The Energy Mix - The climate news you need

Copyright 2023 © Energy Mix Productions Inc. All rights reserved.

  • About
  • Contact
  • Privacy Policy and Copyright
  • Cookie Policy

Proudly partnering with…

scf_withtagline
No Result
View All Result
  • Canada
  • UK & Europe
  • Fossil Fuels
  • Ending Emissions
  • Community Climate Finance
  • Clean Electricity Grid
  • Cities & Communities

Copyright 2022 © Smarter Shift Inc. and Energy Mix Productions Inc. All rights reserved.

Manage Cookie Consent
To provide the best experiences, we use technologies like cookies to store and/or access device information. Consenting to these technologies will allow us to process data such as browsing behaviour or unique IDs on this site. Not consenting or withdrawing consent, may adversely affect certain features and functions.
Functional Always active
The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
Preferences
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
Statistics
The technical storage or access that is used exclusively for statistical purposes. The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
Marketing
The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.
Manage options Manage services Manage vendors Read more about these purposes
View preferences
{title} {title} {title}