ENERGY

Will 2OL7 be the YearFROTT PAGE 1

TransCanada: TrumP's rise

could reshaPe energY sector

to permit, and closer t" J* "^" | *itrr in" $z.o-hillion writedown

risht-of-wavs." Mr. Girlin'g?so I ii;;it;d "ri

the project this

siid, referring to a $zs-billion I vq*l'.. +^ ^t^^a6t

bil Hpeline Partners LP. I However' r

But Mr. Trump's rise could re- | Sooa fgt ft:,C1111t^"*tln*

'f;;'N;'tilAriericasene.rrylg$.'::jtT1"i,'":l:^'-"J:':*:6'dili"t# process. I for.expanpins *99:91?Yi

;;.ilG hfipv io i"" "iiv'""* l" *t rhummel added

oioeline built for more mir[tt l" still a series of unknot

of l(evstone XL's revival?6Ll-nd d' ( J- i P F-% / ea-/aKELLY CRYDERMAN CALGARY

TFrarisCanada CorP. has goneI the makeover' route - focus-ing its business on smaller,more, manageable projects,and acquiring an Ainericanpeer with natural gas PiPelines

. ilready in the ground andthe opportunity to buildmore.

But despite the corPoratemanoeuvrings that made uPmost of zo16, the end of thevear saw TransCanada's storylhift once again with the world-changing political victory ofDonald Trump.

The U.S. President:elect's long-stated suPPort for the contro-.versial Xeyltone XL PiPeline hassuddenly hade the Project freshagain.-And

as the Calgary-based PiPe-,line gompanY heads into 2QL7' :-

its proposed $8-billion (U.S.) .;':

pipeline project to shiP moreCanadian heavy oil to keY U.S.

markets is hogging the sPot-light.

Deciphering what Mr. TrumPwill actually do in Power is not

. easy, and Keystone XL is still farfrom a certafutty.

TransCanada's Russ Girling hasshied away from making anYpublic comments regarding hisoutlook on the Project.

The only word came the weekbefore Christmas when the com-pany released a corPorate video

of the chief executive sPeakingabout the yeai that was, andwhat is to come. In it, he saidhe belieVes his comPanY's Pro-posed large-volume crude-oilpipeline projects, KeYstone XLand Energy East, "will have theirday."

Environmental oPPositionand regulatory delaYs havebogged down the $ls.z-billion r

cross-Canada EnergY Eastpipeline that would shiP dilutedbiiumen and other tYPes ofoil.

And analysts have questionedthe need for the r.r million bar-rels-a-day pipeline if KirtderMorgan Inc.'s aPProved exPan-sion of its Trans Mountain PiPe-line goes ahead, as well as

Enbridge Inc.'s Line 3 replace-ment.

Mr. Girling mentioned KeY-stone XL by name, but notEnergy East.

"lf in fact we're so fortunateto obtain approvals on some ofthese longerterm Projects, wethink that will again enhanceour ability to grow our divi-dend at a faster rate - andpotentially extend it evenbeyond zozo," Mr. Girling saidin the video.

The year saw TransCanadaoverhaul its priorities, whichhelped its stock price rise 39 Percenl from the lows at the endof zors.TransC;rnada, Page 5

ffi#it'"":;;;ffii;;";ru;;""1' I iii"i' project route reinstated

>;yrunr"",l#H?f lii;3?f",li'ff6".'1q[{::Jil'dlil*H;;;iili.oritrot -

"iiie%"d-- | ri-psideof $4 to $6 (canadian)'a

i.r,'.rgi"i* "ijl,tt - t" ltifigt - | ttt'" if the proiect soes ahead'

that were closer to no-", .""ti"t I Fa.ft ry"tt*.h:lp-T:T:9::*"

ifil'; lElil iji'irhi'e-p?iiii"li" l' -"ii

tn" p'oi ect wele-lo 9lo'::1''cdr-LEr

rrr uq'uur- "'-"t il; -- | to-" or ttrai money spent - andc\Ydes region"l,piq"Il:',..,.^ ,- r ,^r+tpn rrown - could be appliedNffi;i",fill#;#itiJ"i"itt i" | *titt"t' doryn - could be applied

ffi;ilc.; i"a i-i".t"i";h;-u^s. I to th".:ttt*' project'r1igI:*t^,

#i.;,';ffiG ii*'c*iait | lnat ur, 1r,t11n^',':i:f-::Lp""

;;"tiffi#ilti;# .""ti"rr-uti"t<s I ca"aaa spokesman Mark cooper'

;;ilil-liili;;0.s')acquisi l who.notedpipelineeouinqen!;t";; H;;;fi-il"t.h coiumuia l Purchases, or.easement costs' as

Pipeline Group, Inc. and Colum- | examptes'r-;-^ or^-li-a D.rrnprq LP I iod"u"t, the news is not all

In November, zor5, sevEn years I ittaotfty' including relaxed cli-. '#'^;il;fti;'; #' i#'d;- | *"t"-'t'ing-e policies.- alongside

fi ;;d : u.5.'fi ;i dent nar-a& oua- l t1 i -n-o19 *:1.:1.1T'J::"f y.i..posed, u.5. rreslqent Dard!a vu4- | Lrr! ""*"-"d;;ti;from basinsma reiected Keystone XL, saying I cheaper prol

new infrastructure to tdfi;i 6- | such'as th9.l9t-111 ^.t:ll1li*nadian oil sands pparr.li[i" "" I irt"^i"*n"titiveness of canadian

didn't fit with his pledge to I Pro-ducers' :.. ,^-- -.*+r.ili"J-.lgr"^uJ r,Jua.ii" trt" |

' "rranklv' t'm not in love with

battle on climate ctrange. -'-

| *t"ia"" orpn1q,9a1*l*:1;battle on climate change. I tne rqea ot -Ldur5 va'.ur'!r v!'

"ffi. dil;;on1tt"-oti"t rt*a, I w' rttt*p has said' According tc

i''i J"ii"i i5' "rii,i,i"t-6ii:i.d"t'v I n"u

" J1 31yTT:,Ln':f::i?man-li"'i'J,ii'i"ia 65;;di"'fi;6' | "s."' "1 Y:?u:,c-'913',"9J*;;"p;Hr:'ili;+G-+"&_ I l"'x grl*+9::?:'"'lk:#il5b"tiij,;.'fiilii,l?i"ii""'n.,. I riinscanada investor - financial

Tillerson as the next u's. secre- | markets are p^"viiq 9::"I-1t13tary of state. Mr. Trump it"t i"A- | tion-to TranJCanada's more im-

cated he will scrap I mediate issues' such as the

obama-directed climate-change I dqsire f9r a 1o1q-!fl1l-TJe^e::1#ttl'J;,"$h'"":;# ck; P&;' | *iit' ""t"ral

gal shippers on the

Ftan. end he has said hewili"-- | cattadan Mainline' A".q"lt--,^ ^PIan. And he has saro ne wrrr I Ld'.wdr 'r

;;k iil 8;;,loo-Iiit"rt-p"t-a"v I sands producers' he said'-have a

i&d;"" fij ;;il;;d r,il; il* l':4{ Tt gl:i'*S.:Tn4i"';iil;"llili;;i';;"-th;;Jttr. I rtani assuming Kevstone XL

At o.t" poini he said he -wants ?s I w-o.:'t +:P!11,-,. ^r +ta i*til.";#;'i1'li" i.'ifrt-,;f;;['ti:; I "Don't i6se sight o{ the f'1ct

":':wh;; trr"'tt.ri din i."." ao.t I ttrat oit prices have ua;;1at]v^

it ##:ii;ii"i"tl"tt';-r'1t.. I -o-9"" cut in- haff since Kevstone

C;;;r"iA;fr'is tuppott r* tr'" I Xlyt^*lyssioned"'Mr';#ii""#;il;ilfiii;i;ti' I rhummersaid'"r."#T;J#;;lififf;il? "i "l | .;iiii;'i19i1:1:l i t*."^." di

ilol;,,""" div' rr^v - -

| ferent"ow-+?"j111::j.y^'ihe revlval of Keystone XL is I y-"?tt ago' I think for now' most

eenerallv viewed r"no*"Uiv Uv I ittipp"tt have moved on' beyon

ii"iJ"iait oif i"austry, wttictt I xeystone XL'l' , -,,^, ,t^-^ ^v^f;#ffi.,9?;ililtl:'*ryil1:1;'1.'1il:?fi"qfiileraddedtherearepipeline built for -or. -it'r.!i' l" tti[ ii"iG of unknowns dbout

access. Given opposruo" to oii I Mt. Tt,rmp's energy-polici'bs, an

;;;;iil;i;-biiiiltt' cot"-li"t I i t'"v t"ttv test will be $6. deci-

i;ffi iffiri;;;ii'*.il'ffi-" I ;t"* {ol'"9'l': !l-8:1tli"i

are

iiiiliil"-u"iit ?6i-o'" -i'iie1 I :tiil : :."i'::^ {::S:H""/:""t1

il;;il;;lh;ttire rrans iur"o""- | tu's';-o"ttota Access project'

tain pipeline expansron";tt --

| ..w'rryin Pt^?T*-1"-t-Tn-tt';11ffif#;:,;d*-"1 - | 1t'"'ese,191'.91:r-11"",'P,ff'g""d:ilriJil";;ewed Mr. I rran-sfeflartners pipeline near

r*lrr*p"' ir.*rio.' ".' "

poiitiu" I ""t! ?l$ll I*"t"*:"1':3"i,iiili"J't'ffil;; *i,i' R6;i - | ies"*ation tryJ 9'"?:11'i:jil"ii;i6:"d"'i iou.tii<** | months of high"-profil'e protest{

i'?iiir!:tttJGvstone xr siiif I and has-p-ushed the u'S' Armv

needs Nebraska state "p;;;;d - | Cotpt ofingineers to lookfor;

which could take as ro"i"i J I irtti""tiu" tt-t": l.^"jjl,*iLil'vear - but "capital ,p.ttdii!?ot | *tt"ttt"t Mr' Trump will move

ii! n'"i"i;ilfi;;';dir;i;;iy I i'*l*ll ,: llv"::.9"j"1*3*