TC Energy Corp. is the last Canadian pipeline company allowed to keep its insurers confidential as activist groups push companies to abandon operations with the fossil fuel industry.
Canada’s energy regulator has ruled that the names of TC Energy’s insurers are “commercial information” and that the intermediary company has met the requirement to “systematically treat” this information as confidential, according to a decision posted on the agency’s website.
Pressure from environmental groups has prompted some major insurance companies to stop supporting energy projects. Last year, Zurich Insurance Group AG dropped its coverage of the Trans Mountain pipeline, which transports crude from the Canadian oil sands to the country’s Pacific coast. In April, the pipeline operator was approved to keep insurers confidential.
TC Energy requested permission to keep insurers confidential in May as part of its annual reporting requirements for its pipeline system. The company did not immediately respond to requests for comment.
Photo: Machinery along a right-of-way for the Keystone XL pipeline near Oyen, Alberta, Canada, Wednesday, January 27, 2021. US President Joe Biden has revoked the license for TC Energy Corp’s Keystone XL energy pipeline . by executive order hours after its inauguration, the clearest sign to date that building a major new pipeline in the United States has become an impossible task. Photographer: Jason Franson / Bloomberg
Copyright 2021 Bloomberg.
Was this article helpful?
Here are other articles you might like.
Interested in Carriers?
Receive automatic alerts for this topic.