CALGARY - Pipeline proposals just can't catch a break these days.The latest hurdle came this week when an organization representing 82 Montreal-area municipalities came out against TransCanada Corp.'s Energy East Pipeline, drawing a sharp rebuke from politicians in Alberta and Saskatchewan.Here is an update on the status of other major Canadian pipeline projects:Keystone XL:TransCanada, the same company behind Energy East, applied for U.S. permission to build its Keystone XL pipeline in [Read more]
Moody’s reviews debt ratings for some companies due to low oil and gas prices
CALGARY - The debt ratings for more than a dozen Canadian companies have been placed under review and may be downgraded by Moody's Investor Services as a result of lower oil and gas prices.Among the biggest names on the list is Calgary-based Precision Drilling (TSX:PD), which owns and operates fleets of rigs used by oil and gas companies in Canada, the United States and other countries.Other companies on the Moody's review list include Paramount Resources Ltd. (TSX:POU) and other oil and gas [Read more]
Wynne meets Alberta Premier Notley to Discuss Energy East, Climate Change
Wynne and Notley are expected to discuss issues of common interest, such as action on climate change, the Canadian Energy Strategy and the proposed Energy East pipeline. Manitoba has signed an agreement with Ontario and Quebec to link their cap-and-trade systems to battle climate change, while Alberta and British Columbia have introduced a carbon tax. There are few details known about Ontario’s cap-and-trade plan, but it is expected to push up prices for many consumer goods, including [Read more]
EU sunny about Canada on climate, energy progress with new Liberal government
OTTAWA - The European Union says the arrival of the Trudeau Liberal government heralds a new era of transatlantic co-operation on energy and climate change.Marie-Anne Coninsx, the EU ambassador to Canada, says the Oct. 19 election of Justin Trudeau has changed the playing field on those two issues.The major change, she says, is that Canada now links climate change and energy policy, which allows for a high-level dialogue on a variety of related issues.Coninsx says a team of EU ministers from [Read more]
Greater Montreal mayors come out against TransCanada’s Energy East pipeline
MONTREAL - The rejection by Montreal-area municipal leaders of TransCanada Corp.'s proposed Energy East pipeline prompted a sharp political rebuke from some parts of Western Canada on Thursday.The Montreal Metropolitan Community, which represents 82 municipalities and 3.9 million residents, said it opposes the project and will defend that position at Quebec environmental impact and National Energy Board hearings.Montreal Mayor Denis Coderre, the current president of the organization, said the [Read more]
DBRS sounds alarm bells on Alberta borrowing; says limits to be blown this year
EDMONTON - Beleaguered Alberta took two more gut punches Thursday as a credit-rating agency reported the province is close to its debt ceiling and Quebec mayors slammed a critical pipeline project."Today has been a very tough day indeed for Alberta," said Wildrose Opposition Leader Brian Jean.Toronto-based agency DBRS affirmed Alberta's top-drawer triple-A credit rating, but downgraded the province's fiscal outlook from stable to negative. It said with oil prices so low and the government's [Read more]
N.S. government approves contentious proposal for underground gas storage
HALIFAX - An underground natural gas storage facility proposed for central Nova Scotia has been given the green light by the province over the objections of two First Nations bands, who say they haven't been properly consulted on the project.The project by Alton Natural Gas Storage was put on hold in late 2014 after Mi'kmaq protesters complained that the company had failed to consult with the local native community.Some environmentalists and the bands in nearby Millbrook and Indian Brook also [Read more]
Opposition says government needs to be clearer about options to balance budget
REGINA - Premier Brad Wall says Saskatchewan's finance minister was talking about options governments face when they're short revenue when he used the phrase "draconian cuts."Finance Minister Kevin Doherty told a Regina radio program that governments have two or three choices when faced with drops in revenue.Doherty said they include raising taxes, making draconian cuts in spending or running a deficit — choices the province is looking at as it tries to balance the budget.Wall says the [Read more]
Bank of Canada weighing rate cut to help cushion commodity punch to economy
OTTAWA - Regardless of the direction Stephen Poloz chooses, Wednesday's closely watched decision on the Bank of Canada's key interest rate will take place in front of an unsightly economic backdrop.With oil prices in free fall, the global economy weakening and the prospects for Canadian growth dim, the central bank governor will reveal whether he intends to move the trend-setting rate. It's a question Poloz has had to face more than once as head of the bank: whether the strong medicine of [Read more]
Apache faces more charges over pipeline safety: Alberta Energy Regulator
CALGARY - More charges have been laid against Apache Corp. over the safety of its pipelines in Alberta.The Alberta Energy Regulator said Monday that the U.S. company could be slapped with a penalty of up to $2.5 million for a spill in northwestern Alberta two years ago.In that incident, about 1.9 million litres of contaminated water spilled about 40 kilometres northwest of Whitecourt, Alta., affecting a nearby creek.Apache has been charged on five counts under the Pipeline Act and the [Read more]
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