OTTAWA - The federal government is dedicating almost half of its clean-tech economic investment fund to special contracts intended to give companies the confidence they need to make major investments to lower their greenhouse-gas emissions. Today’s fall economic statement says the new $15-billion Canada Growth Fund will allocate up to $7 billion for contracts for difference. Oil and gas companies have been waiting on such contracts to help maintain a competitive position [Read more]
Significant update on Pathways Alliance project coming soon: MEG Energy CEO
CALGARY - The CEO of one of the oilsands companies behind the Pathways Alliance says the group expects to provide a significant update on its proposed $16.5-billion carbon capture and storage project within the next couple of months. Derek Evans, chief executive of MEG Energy, made the comments on a conference call with analysts discussing the company's third-quarter financial results. MEG is one of six oilsands companies that have formed the Pathways consortium with the goal of reducing [Read more]
Pembina Pipeline needs Trans Mountain certainty before considering an offer: CEO
CALGARY - The CEO of Pembina Pipeline Corp. says the company needs more certainty over timing, regulations and costs related to the Trans Mountain expansion project before deciding whether to make an offer for an equity stake in the pipeline. The Calgary-based pipeline company formed a partnership in 2021 with Western Indigenous Pipeline Group for the purpose of pursuing an Indigenous-led equity stake in Trans Mountain. That partnership, called Chinook Pathways, is one of just two entities [Read more]
Coastal GasLink pipeline fully installed: TC Energy
CALGARY - The Coastal GasLink pipeline, one of the largest energy infrastructure projects in recent Canadian history, is physically complete. TC Energy Corp., the company behind the project, said Monday it has finished installing pipe along the entire 670-km route from Dawson Cree, B.C. to Kitimat, B.C. — a milestone that marks the culmination of over five years of construction and 10 years of planning. The final weld was completed Oct. 7 at the base of Cable Crane Hill near Kitimat, TC [Read more]
Saskatchewan and Alberta premiers ask for extension of carbon tax exemption
REGINA - Two of Canada's Prairie premiers say Ottawa's decision to exempt the carbon tax on heating oil fails to address affordability needs in Alberta and Saskatchewan. Prime Minister Justin Trudeau announced this week the carbon tax would be exempt for three years on home heating oil, a move that largely helps those in Atlantic provinces as it's the primary source for home heating. Saskatchewan Premier Scott Moe and Alberta Premier Danielle Smith say the exemption should also be applied [Read more]
Alberta Premier Smith says International Energy Agency ‘no longer credible’
CALGARY - Alberta Premier Danielle Smith is calling one of the world's premier energy research institutions "no longer credible" after it released a report saying fossil fuel demand is likely to peak this decade. Smith says the International Energy Agency no longer does analysis, it points to outcomes it wants and outlines paths to get there. She says she prefers to get her information from private-sector analysts. The International Energy Agency has 31 member countries and works with [Read more]
Canada Growth Fund invests $90M in Calgary geothermal company
CALGARY - A geothermal energy company is the first recipient of funding from the Canada Growth Fund, the federal government's new $15-billion arm's-length public investment vehicle. Calgary-based Eavor Technologies Inc. has developed a proprietary closed-loop geothermal system that the company says can be used to produce clean, reliable baseload heat and power. The Canada Growth Fund has committed $90 million of Series B preferred equity in the company, to help Eavor grow its business [Read more]
Impact assessment law ruling could ‘reset’ Canadian energy policy landscape: CAPP
CALGARY - The head of an oil and gas lobby group says last week's ruling by the Supreme Court of Canada against large portions of the federal government's impact assessment law could reset the policy landscape in this country in favour of energy development. Canadian Association of Petroleum Producers CEO Lisa Baiton said in a panel discussion in Calgary on Wednesday that Canada's oil and gas industry has been subjected to layer upon layer of federal regulation in recent years. She said [Read more]
Supreme Court opinion doesn’t change plans to regulate oil, gas emissions: Guilbeault
OTTAWA - Environment Minister Steven Guilbeault says regulations to cap emissions from oil and gas production will be published later this fall despite a recent Supreme Court of Canada decision affecting federal environmental law. The opinion issued Friday said some parts of the federal environmental assessment legislation are unconstitutional because they could allow Ottawa to regulate activities that lie solely within provincial jurisdiction. Guilbeault says the government is still [Read more]
Small-cap companies not ready for climate disclosure rules: TMX Group CEO
CALGARY - The CEO of the company that operates the Toronto Stock Exchange says most of this country's small- and mid-sized companies are unprepared for expected new climate disclosure requirements. Canadian securities regulators are currently considering adopting a new rule that would require publicly traded companies in Canada to disclose to investors a range of information related to climate change and their company's environmental impact. These new rules could include requirements to [Read more]
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