Canadian government-owned Trans Mountain Corp (TMC) has applied to regulators for tolls on its long-delayed 590,000 barrel-per-day (bpd) pipeline expansion to Canada's west coast, noting shipping fees would increase if project costs mount.
The Trans Mountain Expansion will nearly treble the flow of crude from Alberta's oil sands to Burnaby, British Columbia to 890,000 bpd, but the project has struggled with regulatory hurdles, environmental opposition and surging costs.C$30.9 billion , more than four times the original estimate, and that the final bill could rise further.
The pipeline will struggle to recoup the billions spent during construction, analysts said, adding that the Canadian government, which bought it in 2018 to ensure it got built and plans to sell it once complete, faces a substantial loss. In a June 1 application to the Canadian Energy Regulator , TMC proposed a base toll of C$11-C$12 a barrel, depending on the type of crude shipped and its final destination. Any shipper committing to a term longer than 15 years or more than 75,000 bpd would receive a discount.This could increase by around C$0.07 a barrel for every extra C$100 million spent on uncapped costs, which are currently estimated at C$9.1 billion.
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