TC Energy (TRP) Loses $15 Billion Keystone XL Arbitration Case

In 2021, the Biden administration revoked a key permit for the project, effectively rejecting it. TC Energy responded to the move by suing the U.S. government for $15 million for damages under a mechanism known as the investor-state dispute settlement (ISDS), included in the North American Free Trade Agreement ("NAFTA"). TC Energy's claims were made based on the legacy rights related to NAFTA. The USMCA allowed three years of "legacy rights" for using the NAFTA dispute settlement process. The International ...