CALGARY - The deputy executive director of the International Energy Agency says investments in oil and gas production are important and must continue in tandem with increased investment in renewable and clean technologies. Mary Burce Warlick made the comments in Calgary, in a speech just a week after the Paris-based IEA released its most recent forecast for global energy demand. The IEA said in that forecast that demand for all three fossil fuels — coal, oil and gas — is set to peak by the [Read more]
Ontario aiming to become energy superpower, Energy Minister Stephen Lecce says
TORONTO - Ontario's energy minister says he wants the province's electricity system to not just be able to meet an expected 75 per cent increase in demand, but to exceed it and be able to sell excess power to other jurisdictions. Stephen Lecce is releasing a document today that outlines his vision for a clean, reliable and affordable grid, as well as how to integrate electricity planning with other aspects of the energy system. The release follows an announcement last week from the [Read more]
Imperial to cut prices in NWT community after low river prevented resupply by barges
NORMAN WELLS, N.W.T. - Imperial Oil says it will temporarily reduce its fuel prices in a Northwest Territories community that has seen costs skyrocket due to low water on the Mackenzie River forcing the cancellation of the summer barge resupply season. Imperial says in a Facebook post it will cut the air transportation portion that's included in its wholesale price in Norman Wells for diesel fuel, or heating oil, from $3.38 per litre to $1.69 per litre, starting Tuesday. The air [Read more]
Six months on, what has the Trans Mountain pipeline project achieved and what’s next?
CALGARY - Nearly six months after its opening, the Trans Mountain pipeline expansion is boosting Canada's energy sector as promised — but questions still linger about who will pay for the project's massive cost overruns. By a variety of measures, the expensive and contentious pipeline project is bearing fruit as more Canadian oil reaches the West Coast to be shipped to export markets. The Trans Mountain pipeline carries crude oil from Alberta to the B.C. coast. Its expansion, which opened [Read more]
Feds, provinces must work together to tackle productivity crisis: Alberta premier
CALGARY - Canada's economic productivity crisis can only be solved if the federal and provincial governments come together to address issues like major project approvals and inter-provincial trade barriers, Alberta's premier said Wednesday. Danielle Smith made the remarks in Calgary at a national conference on productivity, a term which describes how much an economy produces per hour worked. Canada's lagging productivity record has been in the spotlight in recent months. Earlier this year, [Read more]
Amazon, Google make dueling nuclear investments to power data centers with clean energy
Amazon on Wednesday said that it was investing in small nuclear reactors, coming just two days after a similar announcement by Google, as both tech giants seek new sources of carbon-free electricity to meet surging demand from data centers and artificial intelligence. The plans come as the owner of the shuttered Three Mile Island nuclear power plant said last month it plans to restart the reactor so tech giant Microsoft can buy the power to supply its data centers. All three companies have [Read more]
Feds move ahead with sustainable investing guidelines, but details still scarce
TORONTO - Finance Minister Chrystia Freeland says the federal government is moving ahead with guidelines around sustainable investing and corporate climate disclosures, but details on the plans are scarce. A wide range of investors, asset managers and environmental groups have been pushing the government to roll out such guidelines, also known as green taxonomies, to attract more investment for emissions-reducing projects. Frustration has been mounting as efforts to create such guidelines [Read more]
Oil prices leap on escalating tensions in the Middle East
CALGARY - Global oil prices leaped Tuesday as escalating tensions in the Middle East sparked worries of energy market disruptions. The price of a barrel of U.S. benchmark West Texas Intermediate rose close to five per cent to top US$71 as of midday as Israel's military said Iran has fired missiles into the country. A senior U.S. administration official earlier on Tuesday warned of "severe consequences" should a ballistic missile attack take place. Oil prices have been weighed down this [Read more]
Five workers seriously injured by blast at energy site in Alberta, RCMP say
COCHRANE, Alta. - RCMP say an explosion at an energy site northwest of Calgary has seriously injured five workers. Cpl. Gina Slaney says the five were part of a crew that was drilling on a lease site at a field north of Cochrane, Alta., on Monday afternoon when it's believed they hit a gas pocket, triggering a large explosion. Slaney says three of the workers were seriously injured and two were very seriously injured, and they've all been transported to hospitals in Calgary. She says [Read more]
U.S. Inflation Reduction Act causing brain drain of Canadian talent: CEOs
BANFF, ALTA. - Some Canadian CEOs say the hundreds of billions of dollars the United States is offering in subsidies for the energy transition is causing a worrisome brain drain of some of this country's top talent. Ken Seitz, the CEO of Saskatoon-based Nutrien Inc., said at a conference in Banff on Thursday that the tax credits and subsidies offered through the landmark U.S. Inflation Reduction Act are drawing investment dollars south of the border when it comes to things like renewable [Read more]
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