You have questions? We have answers: Watch TransCanada’s Energy East Pipeline advertisement.
Since TransCanada first embarked on the concept of the Energy East Pipeline more than a year ago, support for the project has continued to grow. Associations, labour organizations, business councils and governments have advocated for a national pipeline that would connect a secure supply of oil from Western Canada to refineries and terminals in Eastern Canada — reducing Canada’s reliance on imported oil from overseas while creating thousands of jobs and economic benefits for Canadians across the country.
On September 10, interest for the $12 billion project was further heightened when TransCanada released a new study by Deloitte and Touche LLP that analyzed the specific economic benefits Canadians would receive from the project. The study commissioned by TransCanada used Statistics Canada’s recognized Input/Ouput Model to provide preliminary job numbers, estimates of tax revenues and impact on Canada’s GDP for the project.
The study’s findings revealed that Energy East will generate an estimated $35 billion in additional gross domestic product for Canada, $10 billion in government tax revenues across the country, and create more than 10,000 direct, full-time jobs during the six-year development and construction phase of the project and another 1,000 direct, full-time jobs during 40 years of the pipline’s operation.
Deloitte also concluded that more than 30,000 full-time equivalent jobs per year could be realized between 2013 and 2018 if the project is given the go-ahead, when looking at the direct, indirect and “spin off” jobs created by the project, and more than 4,000 jobs could be created over the pipeline’s first 40 years of operation.
It’s an early answer to the questions many Canadians have been asking about the project, and has resulted in praise for both TransCanada’s commitment to objectively discussing the economic impacts of Energy East and support for the pipeline overall.
Here’s what people and groups have been saying:
“This Energy East report is a HUGE step up in terms of transparency, clear methodology, and stated assumptions. Well done, @TransCanada.”
— University of Alberta energy economist Andrew Leach (via Twitter)
“The [Deloitte] study confirms the importance of a project such as TransCanada’s, which the Fédération has supported since its inception. In addition to its direct economic benefits, we also know that the project will help enhance the competitiveness of our petrochemical sector, as we continue to need its products.”
— Françoise Bertrand, President and CEO of the Fédération des Chambres de Commerce du Québec.
“Ontario’s economic growth and prosperity depends on access to affordable and reliable energy. Deloitte’s study on the economic benefits of TransCanada’s Canadian mainline conversion project is a landmark contribution to the discussion about addressing Canada’s energy and infrastructure challenges. It presents a thorough analysis of the long-term economic impact of the Energy East project and provides a solid base for a well-informed policy discourse.”
— Allan O’Dette, President of the Ontario Chamber of Commerce
“The vast majority of Quebecers agree on the need to collectively and gradually reduce the use of oil and hydrocarbons. However, studies show that consumption of these energies will continue to be significant over the next few years. In this context, it seems preferable, as a society, to seize the opportunity and take advantage of the project’s benefits in terms of economic benefits and job creation, rather than let it pass.”
— Mr. Yves-Thomas Dorval, president of the Quebec Employers Council
“Access to a reliable, cost competitive supply of energy is paramount to the future of Canadian manufacturing. TransCanada’s proposed Energy East project is a major step forward in our nation’s energy strategy; and, as the study by Deloitte indicates, will create both jobs and supply chain opportunities in all sectors of our economy.”
— Jayson Myers, president and CEO of Canadian Manufacturers & Exporters