Kinder Morgan making progress on Trans Mountain Expansion ... really, really slowly
In this week's third quarter update, Kinder Morgan Canada says it commenced "limited construction activity" on its Trans Mountain Expansion Project (TMEP) last month and is moving forward with planning and construction for other areas.
KML President Ian Anderson says his company has submitted all pre-construction filings with the National Energy Board and has already received "hundreds" of permits from the provinces of Alberta and BC, including those required for land clearing on crown land in BC's northern interior. However, the company concedes construction is already slightly behind schedule due to the time required to obtain regulatory approvals.
Despite a court case pending in the province of BC, Anderson says he sees no signs of political interference just yet. The company wrapped up its judicial review of TMEP's federal approval last week. No date has been set for the courts to render a decision.
Mitigation plans are in place to catch-up on the schedule, but KML warns completion could be delayed by up to nine months. TMEP presently has a scheduled in-service date of December 31, 2019.
Kinder Morgan Canada reported a net income of $42.4 million in the third quarter, more than double the same time last year.