Key Supporters Join TransCanada in Washington, DC
Keystone XL Needed to Support Energy Security & Jobs
WASHINGTON, DISTRICT OF COLUMBIA -- (Marketwire) -- 02/19/13 --
TransCanada Corporation (TSX:TRP) (NYSE:TRP) (TransCanada) and key
supporters of the Keystone XL pipeline gathered in Washington, DC to
reiterate the facts that the pipeline remains vital to the national
interest of the United States, increasing energy security, advancing
energy independence, creating jobs and fuelling economic recovery.
Joining TransCanada are representatives from the National Association
of Manufacturers, Veterans in Piping, the United Association, API,
the US Chamber of Commerce and Michels - the primary contractor
responsible for the current construction of the Gulf Coast Project.
"The quality and commitment of those standing with me today
demonstrates how vital this project is to U.S. national energy
security, the economy and the average American worker," said Alex
Pourbaix, TransCanada's president of energy and oil pipelines.
"Approval of Keystone XL hinges on one fundamental fact: does the
U.S. want its oil from a friendly neighbor in Canada and domestic
sources like the Bakken play, or does it want to continue to import
higher-priced foreign oil from nations that do not support U.S.
values - it is that simple."
The U.S. consumes 15 million barrels of oil each day and imports
eight to nine million barrels. Both the U.S. Energy Information
Administration and the International Energy Agency have forecast
imports will remain in the 3.5-7.5 million barrels per day range well
into 2035 - the need for oil remains strong. Keystone XL and the Gulf
Coast Project have the capacity to displace 830,000 barrels per day
(bbl/d) of unstable foreign crude oil. We have dedicated 250,000
bbl/d of capacity to U.S. production - a critical need for states
such as Montana and North Dakota.
Besides supporting long-term U.S. energy security, Pourbaix points
out the many benefits of TransCanada's multi-billion dollar oil
pipeline system, the main benefit being jobs. The company is
currently employing 4,000 American workers building the Gulf Coast
Project in Texas and Oklahoma - welders, mechanics, electricians,
laborers, safety coordinators, heavy equipment operators - the list
goes on. One of those workers who is benefitting from the
construction of this project is Billy Rogers.
"Working on the Gulf Coast Project has afforded me a good income that
allows me to support my family," said Michels employee and member of
the Operating Engineers Local 139 Billy Rogers. "In addition, the
construction of this project has had a significant impact in the
local communities in which we work as the hundreds of crew members
spend their money locally in restaurants, grocery stores, shops -
everyone is benefiting.
"Contrary to what people may see or read, as a front line worker on
the Gulf Coast Project, I have personally witnessed the support from
the local residents we deal with daily during construction. They are
happy to see us."
The United Association agrees with Rogers, saying Keystone XL is a
lifeline for their thousands of members.
"With over 50 per cent unemployment in our Pipeline Construction
sector, Keystone XL Pipeline Project stands as the largest single
private investment opportunity for a path back to a paycheck for our
members," said UA Special Representative David Barnett.
"As a veteran, I know first hand the anxiety of returning to my
family and community after serving in combat and uncertain how I will
make ends meet," said Training Specialist, Veterans in Piping (VIP)
Mike Hazard. "The UA's Veterans in Piping initiative is training
veterans returning from Afghanistan and other far off places for jobs
on the Keystone XL pipeline project. If Keystone XL isn't approved,
the U.S. will continue to rely on oil from unstable regimes instead
of strengthening our relationship with Canada. Continuing to rely on
oil from unstable political regimes would be counter intuitive to the
values and ideals that inspire the volunteer spirit of the American
The US$5.3 billion Keystone XL pipeline would put another 9,000
Americans to work constructing the line. Besides the construction
jobs, the steel pipe, thousands of fittings, hundreds of valves,
fabrication of piping assemblies and structural steel for supports,
and thousands of other pieces of equipment used to build such things
as transformers for pumping stations, large electric motors,
electrical equipment to connect the vast pipeline monitoring systems
are also needed.
TransCanada alone has contracts with over 50 suppliers across the
U.S. Manufacturing locations for our equipment include: Texas,
Missouri, Pennsylvania, Michigan, Oklahoma, South Carolina, Indiana,
Georgia, Maryland, New York, Louisiana, Oklahoma, Minnesota, Ohio,
Arkansas, Kansas, California and Pennsylvania.
Our Gulf Coast Project that is currently being constructed to deliver
U.S. crude oil to U.S. refineries is over 45 per cent complete. To
date, workers have completed more than 1.25 million hours of the over
four million hours needed to construct this US$2.3 billion project.
That doesn't include the millions of hours worked by those producing
all the components needed to build such a large piece of energy
infrastructure. Close to $1.2 billion worth of goods for the pipeline
have been sourced from U.S. manufacturers.
"If you want to know why Americans are frustrated with Washington,
you only need to look at Keystone project and the inexcusable
bureaucracy and red tape," said NAM President and CEO Jay Timmons.
"In the State of the Union address and on the campaign trail,
President Obama spoke a great deal about economic recovery and an
'all-of-the-above' energy policy. It's beyond time for those words to
be met with action. In a struggling economy, we must not pass up
clear opportunities to create jobs and jumpstart growth. The Keystone
XL pipeline will create thousands of manufacturing jobs while
providing a supply of affordable energy to enhance manufacturers
competitiveness. Keystone XL has been held up for far too long - we
need approval immediately."
"There is strong public support for Keystone XL," said API Executive
Vice President Marty Durbin. "A recent poll we conducted reports that
69 percent - more than two-thirds - of registered voters support
building the pipeline. There's also strong support among elected
officials. A bipartisan majority of U.S. Senators and a bipartisan
group of 146 House members have recently written to the president
calling on him to approve the project. Labor groups are also on
board. The Keystone XL pipeline project just makes sense and should
be approved without further delay."
Finally, Keystone XL would have minimal impact on the environment -
this was the conclusion of both the U.S. Department of State's Final
Environmental Impact Statement and the Nebraska Re-route Evaluation
Report. Also, the environmental impacts of the crude oil it would
carry have been extremely exaggerated.
"We agree with President Obama when he said last week we need to
transition toward more sustainable sources of energy and greater
energy independence. That's why TransCanada has invested over $5
billion in emission-free energy. But a complete transition to
renewable energy will take decades," concluded Pourbaix. "The oil
sands and their greenhouse gas emissions impact have been overstated.
As the respected Nature Science Journal stated the other week,
Keystone XL will not determine whether or not the oil sands will be
developed. Nor is oil from the oil sands as 'dirty' as many believe.
Nature Science Journal concluded heavy oil from California is
Even if oil sands production doubled in the coming years as the
resource continues to be developed, total global GHG emissions remain
extremely low at two tenths of one per cent. Through continuous
technological improvements, oil sands producers have reduced per
barrel emissions by 26 per cent since 1990. Alberta, where the oil
sands are located, is the only jurisdiction in North America that has
a carbon tax and the Canadian federal government has committed to
phasing out all coal-fired power facilities.
Keystone XL is the most studied cross-border pipeline ever proposed,
and it remains in America's national interests to approve a pipeline
that will have a minimal impact on the environment.
With more than 60 years' experience, TransCanada is a leader in the
responsible development and reliable operation of North American
energy infrastructure including natural gas and oil pipelines, power
generation and gas storage facilities. TransCanada operates a network
of natural gas pipelines that extends more than 68,500 kilometres
(42,500 miles), tapping into virtually all major gas supply basins in
North America. TransCanada is one of the continent's largest
providers of gas storage and related services with more than 400
billion cubic feet of storage capacity. A growing independent power
producer, TransCanada owns or has interests in over 11,800 megawatts
of power generation in Canada and the United States. TransCanada is
developing one of North America's largest oil delivery systems.
TransCanada's common shares trade on the Toronto and New York stock
exchanges under the symbol TRP. For more information visit:
http://www.transcanada.com or check us out on Twitter @TransCanada or
FORWARD LOOKING INFORMATION
This publication contains certain information that is forward-looking
and is subject to important risks and uncertainties (such statements
are usually accompanied by words such as "anticipate", "expect",
"would", "will" or other similar words). Forward-looking statements
in this document are intended to provide TransCanada security holders
and potential investors with information regarding TransCanada and
its subsidiaries, including management's assessment of TransCanada's
and its subsidiaries' future financial and operation plans and
outlook. All forward-looking statements reflect TransCanada's beliefs
and assumptions based on information available at the time the
statements were made. Readers are cautioned not to place undue
reliance on this forward-looking information. TransCanada undertakes
no obligation to update or revise any forward-looking information
except as required by law. For additional information on the
assumptions made, and the risks and uncertainties which could cause
actual results to differ from the anticipated results, refer to
TransCanada's Management's Discussion and Analysis filed February 13,
2013 under TransCanada's profile on SEDAR at http://www.sedar.com/
and other reports filed by TransCanada with Canadian securities
regulators and with the U.S. Securities and Exchange Commission.
TransCanada Media Enquiries:
Shawn Howard/Grady Semmens
403.920.7859 or 800.608.7859
TransCanada Investor & Analyst Enquiries:
David Moneta/Lee Evans
403.920.7911 or 800.361.6522
Press spacebar to pause and continue. Press esc to stop.