But the Trudeau government says it will not commit any more public dollars to the project to cover the overrun.
“TMC will instead secure the funding necessary to complete the project with third-party financing, either in the public debt markets or with financial institutions,” the federal Department of Finance said in a news release today.
Meanwhile, Trans Mountain Corp. is going to need a new CEO. In addition to announcing the project’s new cost, Trans Mountain Corp. today also announced that Trans Mountain CEO Ian Anderson will retire in April.
The new pricetag for completing the project is four times what the project was estimated to cost in 2013, when the project was still owned by Kinder Morgan (NYSE:KMI).
The new pricetag raises the question of whether the Canadian government will be able to sell it, once completed, as it had hoped to do, or end up its permanent owner.
The project has faced numerous delays and…
