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Media statement - NOvember 22, 2021

TC Energy submits a formal Request for Arbitration under NAFTA Chapter 11

On July 2, 2021, TC Energy commenced the NAFTA claim process and announced the filing of a Notice of Intent to initiate a legacy North American Free Trade Agreement (NAFTA) claim under the United States-Mexico-Canada Agreement (USMCA) to recover economic damages resulting from the revocation of the Keystone XL Project’s Presidential Permit.   

On Monday, Nov. 22, 2021, the company took the next step in the process and submitted a formal Request for Arbitration under NAFTA Chapter 11 investor-state dispute settlement provisions, which allows companies to seek compensation for lost investment. 

As a public company, TC Energy has a responsibility to our shareholders to seek recovery of the losses incurred due to the permit revocation, which resulted in the termination of the project. 

We will not comment further and will follow the process as set out.