Same as it ever was. 🫤
But hey! Let’s build another!
“The new balance-sheet profits are thanks to an employee-less shell company called TMP Finance, which holds billions of the pipeline’s debts on its account, shielding Trans Mountain Corp. from its interest costs.
When all its debts are factored in, Gunton estimates the pipeline lost around $166 million in the first six months of 2025, a loss that raises questions about Ottawa’s ability to fulfil a pledge to direct millions from Trans Mountain’s revenues to climate initiatives.
Now those losses may be about to deepen.
That’s because the oil companies that use the pipeline are fighting to reduce their rents by around $545 million each year. The oil companies’ 20-year pipeline contracts are already heavily discounted and set to cover only around half the pipeline’s cost. Further reducing the tolls could force taxpayers to cover an additional $11 billion in costs.”
#TMX #FossilFools #CDNPoli #ABPoli
https://thetyee.ca/Analysis/2025/12/23/Trans-Mountain-Profitability-Accounting-Illusion/