Costs to complete the Trans Mountain Pipeline Expansion Project have gone up by nearly 9 billion dollars.
Trans Mountain released the results of their review in to the project’s schedule and costs today.
In the release, the corporation now expected mechanical completion of the project in the third quarter of 2023.
Costs of the project have increased from the previous estimate of 12.6 billion dollars to 21.4 billion.
According to them, approximately 1.4 billion of the cost increase is due to the Covid-19 pandemic, and the November floods in southern BC.
A further 2.3 billion comes from project enhancements and additional Mutual Benefits Agreements with Indigenous communities.
To date, the corporation has signed MBAs with 69 Indigenous communities, which they say will provide enduring economic benefits.
Trans Mountain will make payments of between 25 and 50 million dollars to BC annually over the next 20 years, to be spent on local environmental projects through the Clean Communities Program.
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