Trans Mountain IPO to proceed despite B.C. Green-NDP deal

Kinder Morgan says it expects to proceed Tuesday with its initial public offering for the Trans Mountain expansion, just as the anti-pipeline Greens and NDP in B.C. announced they have come to an agreement that could cast the project’s future into doubt.

Dave Conover, a spokesman for the Houston-based energy company, said in an email that the IPO will go ahead on the Toronto Stock Exchange.

Conover’s confirmation came shortly after the leaders of the B.C. Greens and NDP said they came to a deal that could see the formation of a minority NDP government in the province.

Horgan Weaver

NDP Leader John Horgan and Green Party Leader Andrew Weaver shake hands on May 29, 2017 after announcing an agreement for the Greens to support the NDP in the B.C. Legislature for the next four years. (Mike McArthur/CBC)

Both parties have voiced their opposition to the Trans Mountain expansion, which would see the capacity of a pipeline running from Edmonton to Burnaby, B.C. nearly triple its capacity to 890,000 barrels of oil per day.

The IPO is intended to raise $1.75 billion to help fund the $7.4-billion Trans Mountain expansion.

The offering would be the largest on the Toronto Stock Exchange since Hydro One’s $1.83-billion listing in 2015, with only insurers Sun Life Financial and Manulife Financial having bigger debuts.