Without strong leadership from the federal government, companies want to get their investments out of Canada.
There’s yet another example of concerning news for perceptions of Canada’s economy.
TransCanada has hired RBC to facilitate their intention to sell up to 75% of their stake in a B.C. pipeline.
The pipeline in question is the Coastal GasLink pipeline.
According to the CP, “The RBC news is contained in a 16-page response by TransCanada to a challenge now being heard by the National Energy Board over the jurisdiction of the B.C. provincial regulator of the pipeline. B.C. resident Mike Sawyer argues that because TransCanada will operate the pipeline and the connected Nova Gas Transmission Ltd. system together, they form a single pipeline that crosses the Alberta-B.C. boundary and therefore must be regulated by the federal government. TransCanada’s response is that the purpose of Coastal GasLink is to move natural gas entirely within the province and therefore provincial approvals are appropriate.”
Keep this in mind: The Trudeau Liberals purged Conservative appointees from the National Energy Board, an re-wrote many of the regulations around approvals – something they’re making even worse with the upcoming Bill-69.
The fact that the project is more uncertain than ever, and the fact that the Trudeau Liberals have repeatedly refused to take action to ensure pipeline projects are completed, has destroyed confidence, and that makes investors want to get out of town.
Welcome to the Trudeau Economy: Slowing growth, stagnant wages, rising debt, rising taxes, and collapsing investment.
Photo – YouTube