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U.S. Wins $15 Billion Arbitration Case Over Keystone XL Pipeline on July 15, 2024
Jul 16, 2024, 03:28 PM
On July 15, 2024, the U.S. won a $15 billion arbitration case against TC Energy over the cancellation of the Keystone XL pipeline. An international tribunal dismissed TC Energy's claims on jurisdictional grounds, stating that legacy provisions tied to the old NAFTA only permit claims based on breaches that allegedly occurred while NAFTA was in force. President Joe Biden revoked the Keystone XL permit a year after NAFTA was terminated and replaced by the US-Mexico-Canada Agreement (USMCA). This decision represents a significant blow to TC Energy and Alberta.
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