'Buying and building this pipeline will go down in the history books as one of, if not the, worst infrastructure decision a Canadian government has ever made,” said Greenpeace Canada senior energy strategist Keith Stewart.
The Trans Mountain expansion project is now expected to cost $30.9 billion in yet another sign it is becoming a fiscal disaster for Trudeau’s government.
This new $30.9-billion price tag represents an astronomical increase over the initial construction cost estimate of $5.4 billion by Kinder Morgan, the pipeline’s original owner. Regardless of cost, Canadians already own TMX, and experts say the public will also end up on the hook for the $10-billion loan provided by Canada’s six biggest banks last year. Guaranteed returns on a loan that size are a great deal for the banks because even if Trans Mountain fails to pay back the entire amount, the federal government’s promise means there is no risk the banks will lose money.
Economist Robyn Allan called the rising costs “nothing short of a disaster.” She said the EY report is “flawed” because it predicts economic benefits while ignoring certain costs. The report “tells us that their estimated contribution to GDP is less than the cost of the project, so how could that be a benefit?” she said.
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