The expected final cost for the Trans Mountain Pipeline has almost doubled from its previous projections, jumping from $12.6 billion to $21.4 billion while the completion date has been pushed back to late 2023.

Trans Mountain Corp., the corporation overseeing the expansion project, released the update on Friday morning, citing delays caused by the B.C. floods, wildfires and the pandemic as reasons for the steep price tag.

“At every step of the way, we have found solutions and responded,” said Ian Anderson, president and CEO of the corporation, in a press release. “As a result, the project is advancing with significantly improved safety and environmental management, and with a deep commitment to ensure this project is being built the right way.”

Trans Mountain Corp. did not make anyone available Friday for comment on this story.

The new estimate includes the costs of all project enhancements, changes, delays and financing.

The federal government bought the pipeline for $4.5 billion in 2018, saving the project from the scrap heap at the last minute. At the time, the expansion was expected to cost $7.4 billion and increase capacity from 300,000 barrels a day to 890,000 barrels a day from Edmonton to the Port of Vancouver.

The federal government still owns the pipeline and Finance Minister Chrystia Freeland said there will be no more public funds put towards the project, but instead government will look towards private investment and financing.

Ottawa has been working with Indigenous groups for two years regarding financial benefits available through the project for those communities and potential investment. She said they will announce plans on divestment in the pipeline once further risk is taken out of the project.

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