QUESTION PERIOD — Natural Resources
Trans Mountain Pipeline
March 23, 2022
Honourable senators, my question is for the Leader of the Government in the Senate. Senator Gold, the projected cost of expanding the Trans Mountain pipeline has nearly tripled to $21.4 billion. Our Parliamentary Budget Officer told the Energy Committee earlier this month, “It is very unlikely the Trans Mountain pipeline will be profitable over its lifespan . . . .”
Senator Gold, since this soon-to-be-stranded asset is now unfortunately owned by all Canadians, will your government release the two financial analyses done by BMO and TD Bank that purport to show that the project will make money?
Thank you for your question, senator. As the government has made clear, the government does not intend to be the long-term owner of the Trans Mountain expansion project. It aims to divest its ownership in a way and at a time that benefits Canadians.
I’m advised that, despite the revised cost estimate to which you referred and the completion timeline, no additional public money will be spent on this project. Trans Mountain Corporation will secure the funding necessary to complete the project with third‑party financing.
The Government of Canada remains confident that previous public investments in the pipeline will, in fact, be recouped.
Senator Gold, can you confirm that these two analyses mentioned by Minister Freeland in February exist and clarify whether the reports say if the pipeline will make money or will it be profitable? There is an important difference there. Thank you.
I’ll certainly make inquiries and report back to the chamber.
