The Calgary-based oil company is one of the largest contracted shippers on the freshly completed Trans Mountain pipeline expansion, which marked its official commercial start-up date Wednesday.
"We're pretty excited on behalf of the industry and Canada to have another great asset available to us." While approximately 70 per cent of the project's cost overruns will be borne by Trans Mountain, the remaining third — more than $9 billion — is considered"uncapped costs" which increase tolls in accordance with a formula agreed to by shippers and approved by the Canada Energy Regulator more than a decade ago.
The Canada Energy Regulator approved Trans Mountain's higher tolls on an interim basis to ensure a tolling structure was in place for the start-up of the pipeline, but it has yet to make a final decision.
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