TransCanada Corporation (TSX:TRP) (NYSE:TRP) has been informed that the U.S. Department of State has published the Keystone XL pipeline's Supplemental Draft Environmental Impact Statement (SDEIS).
"The Department of State has committed to making a decision on TransCanada's request for a Presidential Permit for the U.S. portion of Keystone XL by the end of 2011," said Russ Girling, TransCanada's president and chief executive officer. "The public release today of the supplemental environmental impact statement for this project is a significant step forward in ensuring that timeline is met."
The Department of State has indicated that the SDEIS public comment period will be open for 45 days.
According to all of the material that TransCanada has filed with the Department of State, Keystone XL will:
-- Use highly-qualified engineering and environmental professionals to design and construct the pipeline
-- Have virtually no emissions associated with the operation of the pipeline and its related facilities
-- Bury the pipeline deeper than regulations require
-- Restore the pipeline route to the condition we found it
-- Utilize the latest technology and strong steel to manufacture the pipe to exceed industry standards and regulatory requirements
-- Install additional shut-off valves in key locations
-- Have 16,000 secure data sensors that provide our Oil Control Specialists with real-time information on pipeline pressure, volumes and flow
The completed Keystone system will provide America with real options to bolster its energy and economic security by increasing its supply of oil from a friendly and reliable source in Canada. It will be a safe, modern and leading-edge pipeline with a very limited environmental impact. In addition, the Keystone system is projected to:
-- Spur more than $20 billion in new spending for the U.S. economy
-- Create 20,000 high-quality jobs during the pipeline's construction phase
-- Generate $6.5 billion in new personal income for U.S. workers and their families
-- Stimulate more than $585 million in new state and local taxes in states along the pipeline route during construction
-- Deliver $5.2 billion in taxes over the life of the project
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's network of wholly owned natural gas pipelines extends more than 60,000 kilometres (37,000 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 approximately 380 billion cubic feet of storage capacity.