A summary of remarks from RBC's response to this earlier news:
- Given comments stating Biden's opposition to KXL back in May 2020, we do not think this action should come as a surprise to the market.
RBC see a glimmer of hope:
- Could a renewable commitment save the project? TC Energy announced that it will achieve net zero emissions for the project when it is placed into service in 2023, while committing to fully power KXL by renewable energy no later than 2030.
The kicker, though:
- We would be surprised if this saves the project