Finance Minister Bill Morneau made the announcement in Ottawa Tuesday morning following an emergency cabinet meeting.
The federal takeover of the existing line makes the Trudeau government "totally accountable" for risks of a tanker spill, and "allows me to have more candid conversations with the owners of the pipeline", Horgan said.
What all this shows is the abject failure of Trudeau's and Notley's superficial and absurd belief that imposing a national carbon price on Canadians would give them the "social licence" to build the Trans Mountain pipeline, with the blessings of B.C.'s anti-oil government, Indigenous objectors and radical environmentalists.
Reactions from leaders of all industries and organizations to the federal government's announcement today (May 29) that it is buying Kinder Morgan Canada Limited's (TSX:KML) Trans Mountain pipeline have been strong.
The pipeline connects oil sands facilities near Edmonton, Alberta, to tanks in Burnaby, near Vancouver on Canada's west coast. "They're willing to get involved", said Ball.
CIBC slashed its 12-month price target to $17 from $22 because of its lower expectations of future growth in revenue and dividends for Kinder Morgan shareholders.
"This changes nothing, in fact, we're going to have to work even harder to continue relaying that message to Justin Trudeau and his government", he told the NOW.
Green Party leader and MLA for Saanich-Gulf Islands Elizabeth May said Kinder Morgan was "laughing all the way to the bank".
The counter argument, of course, is that they are needed urgently now, so Canadian producers won't have to sell to USA refineries at a major discount to WTI because of pipeline bottlenecks, and instead could tap more global markets.
He said it threatens Canada's reputation as a safe place to invest, puts thousands of jobs at risk and holds back Canada's economic growth. We will do our part to support this happening.
For the people anxious that taxpayers might be left on the hook for the cost and billions more, they should relax and look at the history.
"It does not change the course that the Government of British Columbia has been on", Horgan said.
Frustrated with opposition to the twinning of the pipeline from Alberta to the coast, and nervous about Kinder Morgan withdrawing from the project, Prime Minister Justin Trudeau's government has agreed to buy the pipeline and other assets from the Texas-based company for $4.5 billion. But the Liberal government has cash, jurisdictional sovereignty (probably), limited Crown immunity, buildings full of lawyers, and the benefit of a majority of its population who support the project.
Indemnification means the federal government would legally agree to bear any financial losses incurred by Kinder Morgan because of yet to be defined "politically motivated delays".
Alberta's economy continues to do well, but growth will be weaker this year according to a report released by the Conference Board of Canada Tuesday.
Canada approved the project in November 2016, following an expanded environmental review process that included additional consultations with Indigenous communities and assessing the amount of additional emissions likely to result from additional production. A lack of capacity in pipelines or in rail cars to ship oil produced in Alberta is also hurting Canada's energy sector.