I share the member's disappointment with the news about Woodside and the fact that they withdrew from the project. That affects the local communities, particularly the Haisla First Nation, which is supportive of the project.
It was a market-based decision. The CER had already approved the Kitimat LNG application for an export licence. The project was ready to proceed.
I will share with you what the CEO of Australia's Woodside Petroleum had to say about the decision. He said purchasers of LNG don't want to commit to long-term contracts because the price of renewable generated electricity such as wind and solar has dropped 80% to 90% over the last 10 years. It's easy to blame the regulatory process, and it's easy to blame the government. The reality is that the market is moving, and it has moved particularly fast over the past year or year and a half, as I said in my opening remarks. The energy landscape is changing. Companies are reacting. I would certainly agree that governments have to be equally nimble in this marketplace, but it is moving extraordinarily fast. One reason is that the price of renewable generated electricity like wind and solar has plummeted over the last little while and continues to do so as the market reacts.