Cathy McLeod, Member of Parliament for Kamloops–Thompson–Cariboo, issued the following statement today after the Parliamentary Budget Officer found the Government of Canada may have overpaid for the Trans Mountain Pipeline by nearly a billion dollars.
“Today’s report from the PBO is alarming,” MP McLeod said. “His office valued the current-Trans Mountain Pipeline and the expansion project between $3.6 and $4.6 billion, yet the federal government spent $4.5 billion. Rather than negotiate, the Trudeau Liberals paid nearly full price with taxpayer dollars.”
“Further, the Liberals have repeatedly stated they intend to sell the assets, but any delay in construction or increase in related costs will reduce the value of the pipeline,” said McLeod. “The PBO stated that if the in-service date was delayed by as little as a year, the value would drop by as much as $700 million. That’s taxpayer money that won’t be returned to us.”
“The Liberals have provided no plan or timeline for getting shovels in the ground, and all delays are just adding up the costs,” McLeod said. “This is Justin Trudeau’s personal failure.”
“Earlier this month, I traveled the pipeline route from Edmonton to Burnaby, meeting with Canadians who are most impacted by the project’s halt,” MP McLeod said. “These are real people and real municipalities who were hoping for financial, environmental and community benefits, which won’t be realized if the Trudeau Government doesn’t get the job done.”
“Justin Trudeau needs to immediately give Canadians a concrete timeline for the start of construction on the Trans Mountain expansion,” concluded MP McLeod.
