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Transcanada 2.5% Higher Despite Union Contention It Missed Deadline to Start Construction

Transcanada (TRP.TO) shares are ahead 2.5% at $42.86 each with reports that Canada's energy regulator is looking into a complaint the company's permit to build the Keystone XL oil pipeline has expired.

The Communications, Energy and Paperworkers Union of Canada contends TransCanada failed to begin construction on the Alberta-to-Texas pipeline by March 11, 2011, one year after the National Energy Board granted the permit in March 2010. The union is opposed to the $7 billion pipeline project, believing the oil should be processed closer to the oilsands using Canadian workers.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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