TransCanada Corp. says the long-delayed Keystone XL pipeline will be in service months later than expected and cost more than its current US$5.3 billion price-tag as it continues to await U.S. government approval.
TransCanada had been sticking to its late 2014 or early 2015 start-up target, but the regulatory process has dragged on. It is now looking at a late-2015 start-up.
The Canadian company said Friday the $5.3 billion cost estimate will increase depending on the timing of the permit.
The Obama administration is considering whether to approve the pipeline, which would carry 800,000 barrels of oil a day from Alberta across six U.S. states to the Texas Gulf Coast. A decision is expected this summer. The pipeline has become a flashpoint in the U.S. debate over climate change.