U.S. presidential transitions often bring policy changes, but few have been as dramatic and swift as the shift in energy policy that came with President Biden’s inauguration in January. Among his first acts after being sworn in was the signing of an executive order that revoked the Presidential Permit for TC Energy’s long-planned Keystone XL crude oil pipeline. Among other impacts, the move put on ice more than one-third of the Canadian midstream giant’s C$37 billion capital spending program for the 2021-24 period and unraveled TC Energy’s plan to balance its natural-gas-weighted pipeline portfolio with more crude oil pipes. So, what’s next for the midstreamer now that KXL is a no-go? In today’s blog, we’ll discuss highlights from our new Spotlight report on TC Energy which lays out how the company arrived at this juncture and where it goes from here.
How Do I Live (Without You)? – TC Energy Refocusing Growth Plans After Keystone XL Setback
