CALGARY - Enbridge Inc. has raised its earnings forecast for the year in light of the successful completion of two previously announced purchases of U.S. gas utilities. The Calgary-based energy infrastructure company said Friday it now expects adjusted earnings for 2024 of between $17.7 billion and $18.3 billion, up from a previous forecast of $16.6 billion to $17.2 billion. The higher forecast incorporates expected revenue contributions from The East Ohio Gas Company and Questar Gas [Read more]
‘Ontario’s moment:’ Minister says Canada building blueprint for nuclear energy future
WASHINGTON - Ontario is selling itself as the nuclear North Star to guide the direction of American power as the United States looks to de-carbonize amid ever-increasing demand for energy. "It really underscores both Canada and the U.S.'s national and economic interests — that we work together to harness this capability to produce clean energy," said Stephen Lecce, Ontario's minister of energy and electrification. He was in Washington, D.C., early in his new mandate to speak at the Nuclear [Read more]
Precision Drilling attributes Canadian rig demand growth to Trans Mountain pipeline
CALGARY - The CEO of Canada's largest drilling rig contracting company says it has seen a surprising surge in customer demand after the opening of the Trans Mountain pipeline expansion. Precision Drilling Corp. CEO Kevin Neveu said Wednesday the company saw its Canadian activity increase 18 per cent in the second quarter, even as drilling activity in the U.S. slowed. Neveu said he attributes the growth to Canadian heavy oil producers feeling more confident thanks to the Trans Mountain [Read more]
MEG Energy workers returning to oilsands site after wildfire evacuation
CALGARY - MEG Energy Corp. says it has started bringing workers back to its Christina Lake oilsands site after evacuating all non-essential personnel last week due to wildfires in northern Alberta. CEO Darlene Gates said on a conference call Friday that the fire drew so close to the site that at one point flames were "all around" one of the company's disposal wells. But she said the company has spent years removing vegetation around its key infrastructure to create natural firebreaks, and [Read more]
Liberal energy minister promises ban on oil furnaces for new builds as soon as 2028
OTTAWA - Energy Minister Jonathan Wilkinson has announced an intention to ban the installation of oil furnaces in new construction as early as 2028. The federal government's planned phase-out of heating oil would be paired with more financial support for Canadians to purchase and install heat pumps instead. Liberal ministers say the Canada Green Buildings Strategy released today aims to drive energy efficiency improvements while addressing affordability and emissions. It seeks to [Read more]
TC Energy’s US$15B Keystone XL claim thrown out by trade tribunal
CALGARY - A free trade arbitration tribunal has tossed out TC Energy Corp.'s claim that it is owed US$15 billion in damages as a result of U.S. President Joe Biden's cancellation of the Keystone XL pipeline permit. TC Energy launched a claim in 2021 under the legacy rules tied to the old North American Free Trade Agreement, or NAFTA, because of what it said was the U.S. government’s breach of its free trade obligations. TC Energy proposed the Keystone XL project under the Obama [Read more]
Alberta to relax rule on buying oil, gas wells if municipal taxes unpaid
EDMONTON - The Alberta government plans to relax a rule that requires energy companies seeking to buy viable wells from bankruptcy proceedings to first pay all the failed producer's outstanding taxes. "I have informed the Alberta Energy Regulator and the Orphan Well Association that my office will be amending the order in a way that will protect the value of productive assets and ensure that they can be acquired by responsible operators," said Energy Minister Brian Jean in an email. "We [Read more]
Entropy gives formal go-ahead to second carbon capture project
CALGARY - Entropy Inc. says it has made a final investment decision to go ahead with its second carbon capture and storage project. The Alberta-based company says the project will capture emissions from parent company Advantage Energy's Glacier Gas Plant in northwest Alberta. The carbon capture facility should be operational by the second quarter of 2026 and will be able to capture 160,000 tonnes of carbon dioxide per year. This comes on top of Entropy's first commercial-scale carbon [Read more]
More carbon capture projects to be green-lit soon: Natural Resources Minister
CALGARY - Federal Natural Resources Minister Jonathan Wilkinson says he expects between 20 and 25 commercial-scale carbon capture and storage projects to break ground in Canada within the next decade. Wilkinson made the comments in an interview in Calgary, one week after Shell Canada announced it will go ahead with its Polaris carbon capture project in Alberta. Shell's decision to green-light the project came immediately after a new federal investment tax credit for carbon capture and [Read more]
Competition Bureau to speed development of guidance on new greenwashing rules
GATINEAU, Que. - The Competition Bureau says it will speed the development of guidance on the interpretation of new provisions in the Competition Act aimed at greenwashing. The federal watchdog says it has received a large number of requests and that it will develop guidance "on an accelerated basis" The amendments to the Competition Act that became law last month require companies to be able to substantiate environmental claims made to promote a product or business interest. As part of [Read more]
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