The federal government is once again putting taxpayer dollars on the line to prop up the Trans Mountain pipeline expansion (TMX).
This week it came to light that the federal government approved two loan guarantees backing the additional $3 billion Canada’s biggest big banks recently loaned the Crown corporation.
“They still don’t have enough money to finish it, even with this new money, so it will definitely happen again,” said Stewart in a written statement to Canada’s National Observer. In March, Trans Mountain reported construction of the project “is close to 80 per cent complete,” and the company expects the pipeline to be operational in the first quarter of 2024.
Even before Politico broke the news of the new $3-billion loan guarantee, Freeland was catching some heat from Bloc Québécois MP Monique Pauzé and Green Party Leader Elizabeth May on May 29 in the House of Commons during debate. When the federal government bought the Trans Mountain expansion project from Kinder Morgan in 2018, the estimated cost to complete the project was $7.4 billion. Today, the price tag sits at $30.9 billion. Parliamentary Budget Officer Yves Giroux told Canada’s National Observer the secret reports Finance Canada uses to claim TMX is commercially viable are based on an unrealistic 100-year lifetime for the pipeline. His previous reports have found the project is no longer a profitable investment.
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Trans Mountain pipeline justifies federal government supportWith bidders lining up to potentially buy into the pipeline, Ottawa's decision to purchase the project in 2018 might end up being a good move.
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