Canadian Pacific Alberta mainline reopens after floods

Canadian Pacific said that the section of the CP main line east of Medicine Hat, Alta., that has been closed since June 18 is now open to traffic. This follows the reopening of the southern line between Lethbridge, Alta., and Swift Current, Sask.

The one-in-100-year
rainfall event (one-in-500-year event in some locations) that washed out
portions of the CP main line in Southeastern Alberta and Southwestern
Saskatchewan caused widespread flooding and resulted in the closure of the
TransCanada Highway and the declaration of states of emergency in nine
municipal jurisdictions.

During the 11-day outage CP
utilized both secondary network routes and detour routes on other railways to
minimize impacts to domestic and international supply chains. With the
resumption of normal traffic routing CP will work closely with its customers
and supply chain partners to reschedule and expedite shipments that may have
been delayed by the temporary outage.

It is currently estimated
that the impact of the main line closure will reduce Q2 earnings per share by
10 to 13 cents. It is also estimated that a majority of the deferred shipments
will be moved in Q3.