PBO says Trans Mountain pipeline to end in web loss for presidency

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OTTAWA — The Parliamentary Finances Officer says the federal authorities now stands to lose cash from its funding within the Trans Mountain pipeline.

The most recent evaluation reveals the online current worth of the pipeline is detrimental $600 million, leaving it value about $1.2 billion lower than the PBO’s estimate in December 2020.

Estimated building prices of the pipeline have skyrocketed from $12.6 billion to $21.4 billion for the reason that final report and the completion date has been pushed again a yr to the tip of 2023.

In 2019 a PBO report had pegged the price of the pipeline growth at $3.6 billion and $4.6 billion.

The PBO says that if the federal government had been to cease building this month and cancel the mission indefinitely then the federal government would wish to write down off over $14 billion in property. 

The federal authorities purchased the pipeline, and the unfinished work to extend its capability by twinning it, in August 2018 for $4.4 billion.

This report by The Canadian Press was first printed June 22, 2022.

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