TransCanada Corporation announced today it will no longer be proceeding with its proposed Energy East Pipeline and Eastern Mainline projects. TransCanada President and Chief Executive Officer Russ Girling commented:
“After careful review of changed circumstances, we will be informing the National Energy Board that we will no longer be proceeding with our Energy East and Eastern Mainline applications. TransCanada will also notify Quebec's Ministère du Developpement durable, de l'Environnement, et Lutte contre les changements climatiques that it is withdrawing the Energy East project from the environmental review process.”
Girling said the company will continue to focus on its $24 billion near-term capital program, which the company expects to generate growth in earnings and cash flow to support an expected annual dividend growth rate at the upper end of an 8-10 percent range through 2020.