Submitted. Today’s announcement from the BC NDP and BC Green Party that they will work together to form government comes a particularly bad moment for Kinder Morgan. The company plans to float an initial public offering (IPO) later this week to fund their new pipeline. During today’s announcement, the NDP and Greens reconfirmed their commitment to using the province’s powers to fight the pipeline and the expansion of oil tanker traffic related to the project.
“Today’s announcement is last thing that Kinder Morgan wants to see,” said Sven Biggs, Energy and Climate Campaigner for Stand.earth. “Anyone considering an investment in this project had better take a second look, because the route forward for this pipeline just got a lot more complicated.”
Late last week, Kinder Morgan announced that they had made the decision to go forward with the project. But moving forward was to be contingent on a successful IPO. However, the formation of a new government in Victoria that is opposed to the project creates new risk and uncertainty that Kinder Morgan’s pipeline will ever be built.
“There are many legal options open to this government that will add costs, create delays and could ultimately lead to the failure of this project,” said Biggs. “For a long time now we have been saying this pipeline is all risk and no reward for British Columbians. After today, I can say that the risk is just as high for potential investors in this pipeline.”