Long but not impossible odds that TC Energy recovers Keystone XL damages

TC Energy faces long odds and a multiyear fight to recover economic damages from President Joe Biden’s cancellation of the Keystone XL oil pipeline.

The Canadian energy company said on July 2 it had filed a notice of intent with the State Department to bring a legacy claim under the North American Free Trade Agreement. TC Energy said it would seek to recover more than $15 billion “in damages it has suffered as a result of the U.S. Government’s breach of its NAFTA obligations.”