If we figured out a model to keep the main line relatively full, and operating at economic levels till about 2010, we expected things would be okay because Mackenzie gas would come on and provide a much needed shot. So here we are in 2010 and we haven't even finished the [Mackenzie Valley pipeline] regulatory process.
So that would be a gloomy moment - that it's so difficult, almost impossible, to get a project done that is clearly in the national interest and which the aboriginal people of the North support.
What about the economics of gas?
We've seen this decline in production out of Western Canada, which I think will be offset pretty quickly by the growth in shale production out of northeast B.C. - ultimately, out of all Western Canada. But we are going to go through a difficult two- to three-year period. I didn't like to see it at the start of my tenure and I don't like to see it at the end.
How do you define a difficult period?
It comes whenever the gas flowing through the pipeline is quite a bit less than the capacity. The day the Alliance Pipeline came on [in late 2000]our volumes went down by that amount. Now here we are, 10 years later, and because of low prices, conventional production down and the shale hasn't come along yet, we're going to go through another dip. But we'll work through it - we always do.
Title: President and CEO, TransCanada Corp., Calgary.
Born: Oct. 20, 1952, Innisfail, Alta.
Education: Engineering degree, University of Alberta, 1975; MBA, University of Calgary, 1982
1975: Joined Dome Petroleum Ltd.
1987-88: Played key role in Dome's sale to Amoco Canada.
1988: Went to Fletcher Challenge Energy as a senior executive.
1999: Recruited as executive vice-president, trading and business development, for TransCanada
2001: Became TransCanada's president and CEO.
July 1, 2010: Officially retires as CEO.