CALGARY - The Alberta government plans to use revenues from its carbon levy on large emitters to help spur investment in green power. Environment Minister Shannon Phillips outlined details of the Renewable Electricity Program on Thursday as she announced proposed legislation aimed at getting the province to its 30 per cent renewable target by 2030. Currently, 10 per cent of the province's power comes from renewables such as wind, solar and hydroelectric. "Albertans are [Read more]
Nova Scotia gets no bids for offshore exploration for third time in four years
HALIFAX - Oil companies have passed on exploration parcels put out for bid by Nova Scotia's offshore regulator for the third time in four years, a trend the province's energy minister says is symptomatic of a market downturn affecting the industry. The Canada Nova Scotia Offshore Petroleum Board said Thursday that the 2016 parcels are located in shallow water on the Scotian Shelf adjacent to the Sable offshore natural gas project. The call for bids was issued on May 2 and the [Read more]
Kinder Morgan Canada president doesn’t know if humans causing climate change
VANCOUVER - The president of the company that hopes to build the $6.8-billion Trans Mountain pipeline expansion says he doesn't know whether humans are contributing to climate change. Kinder Morgan Canada president Ian Anderson told the Vancouver Board of Trade on Thursday that there is disagreement about the degree to which people influence global warming. "I've read the science on both sides and I don't pretend to be smart enough to know which is right," he said. "What [Read more]
Enbridge Inc. loss narrows as oil pipeline projects come online
CALGARY - Enbridge Inc. (TSX:ENB) reported a smaller third-quarter loss Thursday as it saw increased revenue from completed projects in its liquids pipeline division. Canada's largest pipeline operator said it lost $103 million or 11 cents a share in the quarter ending Sept. 30, compared with a loss of $609 million or 72 cents per share in the same quarter last year. Revenue in the quarter totalled nearly $8.49 billion, up from $8.32 billion a year ago. The Calgary-based [Read more]
Canadian Natural Q3 loss increases, volumes fall during scheduled down time
CALGARY - Canadian Natural Resources (TSX:CNQ) is hitting the restart button on a thermal oilsands project it suspended nearly two years ago, counting on lower costs to shave $100 million from the original $1.45-billion price tag. The Calgary-based company said Thursday it will move ahead with the half-built 40,000-barrel-per-day Kirby North project, starting with a $28-million engineering and procurement budget in 2017 that will focus on finding construction cost savings. The [Read more]
Penn West reduces Q3 loss to $232M, adjusts outlook in line with asset sales
CALGARY - Penn West Petroleum Ltd. (TSX:PWT) says its third-quarter revenue was less than half what it was a year ago, but its loss for the period was reduced by nearly 70 per cent as it slashed operating costs. The Calgary-based company's lost $232 million or 46 cents per share in the three months ended Sept. 30, an improvement from a $764-million loss or $1.52 per share in the third quarter of 2015. Oil and natural gas sales and other income totalled $115 million, down from [Read more]
NewsAlert:TransCanada sells U.S. power assets expected to deliver US$3.7B
CALGARY - Pipeline company TransCanada (TSX:TRP) says it expects to realize US$3.7 billion from the sale of its U.S. Northeast power business to two buyers. It announced earlier this year it would sell the assets in order to finance its purchase of the Columbia Pipeline Group. TransCanada also announced it plans to maintain full ownership interest in its Mexican natural gas pipeline business and said it would raise $3.2 billion through a bought deal offering of common shares. More [Read more]
Alberta carbon plan to shrink GDP, but province expects long-term growth
EDMONTON - Alberta released estimates Monday showing its climate change plan will shrink the economy in the short term, but Environment Minister Shannon Phillips said the figures are a work in progress. The province estimates the economic impact of the plan will be 0.3 or 0.4 per cent of the GDP by the year 2022, which translates into slower growth of .05 per cent per year during that time. It also estimates that getting a pipeline to tidewater, which would give Alberta a better price for [Read more]
Alliance opposed to oilsands development asks PM to denounce Enbridge
OTTAWA - A First Nations alliance opposed to expanding the oilsands wants the prime minister to condemn energy giant Enbridge Inc. for its alleged role in violating the rights of indigenous people in the United States. In North Dakota, hundreds of Standing Rock Sioux tribal members have been taking part in a massive protest of the 2,000-kilometre Dakota Access oil pipeline project, which they say will damage the region's water supply and endanger sacred sites. Enbridge says it is [Read more]
Federal government approves $1.3B Nova natural gas system expansion in Alberta
CALGARY - The federal government has conditionally approved an expansion of TransCanada's (TSX:TRP) Nova Gas Transmission gathering system in northern Alberta. The decision includes 36 binding conditions as set out by the National Energy Board in its recommendation for approval in June. Five of the conditions concern protection and restoration of caribou habitat as the project would run through three boreal woodland caribou ranges. Natural Resources Canada says it expects [Read more]
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