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CALGARY – Canadian energy executives view TransCanada Corp.’s decision to scrap its $15.7-billion Energy East project on Thursday as just the latest multi-billion-dollar project cancellation in a string of abandoned energy proposals worth over $56 billion over the past year alone.

Calgary-based TransCanada announced it would not proceed with its massive 1.1-million-barrels-per-day oil pipeline between Alberta and New Brunswick on Thursday after it had previously said it needed to understand the cost impacts of the federal Liberal government’s changing regulatory requirements.

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“After careful review of changed circumstances, we will be informing the National Energy Board that we will no longer be proceeding with our Energy East and Eastern Mainline applications,” TransCanada CEO Russ Girling said in a statement Thursday.

Explorers and Producers Association of Canada president Gary Leach said the cancellation should be viewed in the context of other major energy projects that have not proceeded in Canada, including the $35 billion Pacific Northwest LNG project, the $5.4-billion Northern Gateway pipeline and CNOOC Nexen’s cancelled Aurora LNG project, for which costs were not disclosed.