Connect with us

Business

Consultations on Indigenous ownership of Trans Mountain pipeline – Canada News – Castanet.net

Published

 on


The federal government is launching a new set of consultations with Indigenous groups that will determine if and how they might take part in ownership of the Trans Mountain pipeline and its expansion project, Finance Minister Bill Morneau announced Monday.

Up to 129 communities will be consulted over the next weeks to ensure they have a chance for “meaningful economic participation” in the Ottawa-owned pipeline, the minister said at an event in Calgary.

“This next step will be focused on different models of economic participation such as equity-based or revenue-sharing options and will seek to build momentum towards a widely acceptable option for the groups that we’re consulting with,” he said.

“We’ll also explore whether the participating communities are willing to work together, either through an existing entity or a new one.”

Several Indigenous groups have expressed interest in buying a stake in the pipeline but the government hasn’t said when it plans to sell it.

As long as Trans Mountain is operated as a commercial enterprise, the industry will be supportive of its sale, said Chris Bloomer, CEO of the Canadian Energy Pipeline Association, after listening to the speech.

“Anything that facilitates participation meaningfully with First Nations in these projects is a welcome thing. Having a deliberate approach to it, I think, is good,” he said.

In his speech, Morneau said he sympathizes with Albertans who have lost jobs because of an economy hit by a capital investment slide and discount prices for oil and gas as export capacity fails to keep up with gains in production.

The novel coronavirus is also having a negative impact on Canada’s economy, he said, pointing out oil prices are down by about 15 per cent because of the spread of the illness, a result that hits the West harder than the rest of the country.

A Federal Court of Appeal ruling last week that set aside a challenge of the Trans Mountain expansion project by four B.C. First Nations is important for the western Canadian economy, he said.

The court found that the government had met its duty to consult, thus clearing one of the last major hurdles for construction to continue on the conduit from the Alberta oilsands and refining hub in Edmonton to the B.C. coast.

The federal government will earn a return on its investment when it sells Trans Mountain, Morneau added, despite the release last week of a new construction cost estimate for its expansion of $12.6 billion, an increase of 70 per cent over the previous forecast of $7.4 billion.

“We believe this new estimate is realistic and we remain confident that when it’s the appropriate time to sell, we will see a profit on this investment,” Morneau said.

The government expects to earn $500 million a year in taxes from Trans Mountain after the expansion begins operating, he added.

Let’s block ads! (Why?)



Source link

Business

Toronto continues investigation into cause of massive power outage – CP24

Published

 on


Hydro One says it will take “several days” to repair hydro lines that were damaged after an upright crane in the lake slammed into them and caused a massive power outage downtown on Thursday.

The outage occurred in the city’s financial district at around 12:30 p.m., leaving approximately 10,000 customers without power at its peak.

A portion of the Eaton Centre was left in the dark, forcing hundreds of stores to temporarily close. The outage also knocked out power in parts of the Hospital for Sick Children’s campus.

Traffic lights were down in some intersections causing heavy traffic and significant streetcar delays. However, the outage did not affect subways.

Toronto Fire said crews responded to a number of elevator rescues, but no injuries connected to the outage were reported yesterday.

Hydro One says the outage was caused when a barge moving an upright crane in the Port Lands area hit overhead high voltage transmission lines.

“Now, what happened when that crane hit the line resulted in a downstream effect where a surge of power affected a nearby station on the Esplanade that we were actually using to reroute power to Toronto Hydro,” Hydro One Spokesperson Tiziana Baccega Rosa told CP24 Friday morning.

The City of Toronto says the barge was being operated by a subcontractor to Southland-Astaldi Joint Venture (SAJV), which is a contractor for the Ashbridges Bay Treatment Plant outfall project.

Crews were reportedly preparing to move equipment into the lake for the project when the incident occurred.

“We’re going to use stone that needs to be placed out in the lake and the subcontractors were going to do that work for us but they were moving equipment. The event occurred off-site while they were doing their preparatory work,” Lou Di Gironimo, Toronto Water’s general manager told CP24 Friday.

Outage

Baccega Rosa said Hydro One crews were able to reroute about 50 per cent of the power shortly after the incident, which resulted in power being restored in some areas quicker than others.

Crews then had to stop their efforts and wait for the fire department to clear the site for workers to safely enter and reroute the rest of the power.

Outage

Once crews gained access, they were able to reroute all power to Toronto Hydro and power was fully restored downtown by 8 p.m.

Baccega Rosa said there are established safety protocols to stay a minimum of 10 metres away from power lines, which were not followed yesterday.

“And that’s (for) anyone whether, you know, you’re a barge passing under them (power lines) or if you’re doing work around your house and you need to trim the tree branches around the line connecting your home. You know, everyone was very lucky yesterday that there was not a safety incident and no one was hurt as a result of this,” she said.

The city has launched an investigation into the incident and has requested a full report from SAJV to understand what happened.

“So the big thing that we’re going to look at is what happened? Who was in charge of the subcontractor work? What were the safety procedures in place at the time? And then what exactly happened when the crane hit the wires?,” Di Gironimo said.

Di Gironimo could not confirm if the subcontractors will face any consequences for the incident.

“That will be part of the investigation to find out what happened. What were those precautions that were supposed to be in place. What was followed? What wasn’t?”

He said the city is meeting with SAJV next week and plans to complete the investigation within a matter of weeks.

Adblock test (Why?)



Source link

Continue Reading

Business

B.C. couple still owes $19M despite bankruptcy, appeal court rules – Business in Vancouver

Published

 on


B.C. couple still owes $19M despite bankruptcy, appeal court rules – Economy, Law & Politics | Business in Vancouver


Adblock test (Why?)



Source link

Continue Reading

Business

​Rogers, Shaw formalize planned Freedom sale to Quebecor – BNN Bloomberg

Published

 on


Columnist image

Rogers Communications Inc., Shaw Communications Inc. and Quebecor Inc. announced Friday they reached a definitive agreement for the previously-announced proposed sale of Shaw’s Freedom Mobile wireless business.
 
The three companies said that the terms of the definitive pact are “substantially consistent” with their original announcement on June 17, when they said Montreal-based Quebecor agreed to pay $2.85 billion to purchase Freedom. Originally, July 15 was the target to reach the definitive agreement.  

“We are very pleased with this agreement, and we are determined to continue building on Freedom’s assets,” said Quebecor president and chief executive officer Pierre Karl Péladeau in a release Friday. “Quebecor has shown that it is the best player to create real competition and disrupt the market.”
 
The transaction is conditional on Rogers receiving final regulatory approvals for its planned $20-billion takeover of Shaw, which was announced in March 2021.
 
The road to regulatory approval has become more treacherous for Rogers after Competition Commissioner Matthew Boswell stated his objections to the plan, warning it would diminish competition in the telecom market, notwithstanding Rogers’ long-stated intent to divest Freedom Mobile.
 
Rogers’ legal counsel has argued vociferously against Boswell’s claims, saying in a June 3 filing with the Competition Tribunal that Boswell’s stance “is unreasonable, contrary to both the economic and fact evidence presented to the Bureau, and not supportable at law.”
 
The Competition Tribunal is currently scheduled to begin a hearing on the matter Nov. 7.
 
Rogers also has to clear another regulatory hurdle: its planned acquisition of Shaw requires approval from Innovation, Science and Industry Minister François-Philippe Champagne, who has previously said he won’t allow the wholesale transfer of Shaw’s wireless assets to Rogers.
 
The process became more complicated for Rogers after a national network outage knocked out service to its customers in early July.

Champagne subsequently said the outage would “certainly be in [his] mind” when weighing the merit of the Shaw sale.
 
For its part, the Canadian Radio-television and Telecommunications Communications announced its conditional approval of the transaction in March.
 
Shaw investors have consistently demonstrated skepticism that the deal will go ahead as planned, as evidenced by its shares never once attaining the $40.50-per-share takeover offer from Rogers since the takeover was announced last year.

Adblock test (Why?)



Source link

Continue Reading

Trending