Reuters: Regulatory News: Energy regulator to audit TransCanada operations

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Energy regulator to audit TransCanada operations Nov 1st 2012, 06:36 Thu Nov 1, 2012 2:36am EDT Nov 1 (Reuters) - Canada's federal energy regulator will conduct a wide audit of TransCanada Corp, Canada's largest pipeline operator, including areas such as management review, personnel training and risk assessment, according to a regulatory letter. The National Energy Board's decision comes after a TransCanada employee alleged in May that the company did not comply with technical standards and procedures. The Board had previously sent a letter dated Oct. 11 to TransCanada regarding the employee allegations, in which it stated that the technical violations did not pose an immediate threat to people or environment. However, in a follow-up letter dated Oct. 30 posted on the regulator's website, the Board said its audit would cover all regulated subsidiaries of the company, including TransCanada Keystone Pipeline GP Ltd.() The 590,000-barrel-per-day Keystone oil pipeline ships crude oil to the U.S. Midwest and Midcontinent from Canada. The Board will also review the company's operating systems in normal and abnormal conditions, and corrective actions. TransCanada officials were unavailable for comment outside regular business hours.

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