OTTAWA - Canada is still working on defining an "inefficient" fossil fuel subsidy, some 13 years after it signed an international agreement to eliminate them and four years since launching a peer review with Argentina to identify what subsidies exist. In general, subsidies are considered to be government aid to fossil fuel companies, but Ottawa draws a distinction between those that encourage more production or consumption and those that help the sector cut greenhouse gas emissions. But it [Read more]
Still ‘non-negotiable:’ Canada’s natural resources minister redraws line on Line 5
WASHINGTON - Natural Resources Minister Jonathan Wilkinson is doubling down on Canada's assertion that the continuing operation of the Line 5 pipeline is "non-negotiable." Wilkinson made the comments in the House of Commons today following media reports that the cross-border pipeline is facing yet another court challenge. On top of efforts by the state of Michigan to shut down the line, an Indigenous band in Wisconsin is now asking a judge there to do the same. The Globe and Mail [Read more]
Record profits for oil companies should be invested in climate action: Guilbeault
OTTAWA - Environment Minister Steven Guilbeault says Canada's big oil companies should be investing some of their record profits into projects to curb their greenhouse gas emissions. Guilbeault says he is disappointed in comments made last week by Cenovus CEO Alex Pourbaix that the new federal tax credit for carbon capture and storage systems isn't generous enough. Those comments came the same day Cenovus reported a record first-quarter profit of $1.6 billion. Cenovus is not alone, with [Read more]
Sections of B.C. LNG line complete, partnership on disputed portion
VANCOUVER - The company behind the Coastal GasLink liquefied natural gas pipeline across northern British Columbia says it is nearing 65 per cent overall completion of the project. A statement from TC Energy says workers have completed two of eight sections of the 670-kilometre pipeline running from the Dawson Creek area to the LNG Canada processing and exporting facility being built in Kitimat. The statement says all pipe is installed on section 1 west of Dawson Creek and section 4 north [Read more]
Opposition wants Saskatchewan to share more of its oil wealth with residents
REGINA - Saskatchewan's Opposition says the government needs to share more of the wealth coming in from oil prices that continue to surge above what was forecast in the province's budget. The NDP is urging the Saskatchewan Party government to raise royalty rates by one per cent when benchmark oil prices exceed US$90 a barrel. Finance critic Trent Wotherspoon says that increase — along with a similar one for higher potash prices — would add $250 million to provincial coffers this year [Read more]
Suncor’s safety record in the spotlight as activist investor calls for change
CALGARY - Experts say Suncor Energy Inc.'s recent safety track record is concerning and indicates there is a broader managerial problem at the company. Activist investor Elliott Investment Management wrote a letter last week calling for changes to Suncor's board and a review of its executive leadership. Elliott said in its letter that Suncor must overhaul its safety culture. Since 2014, there have been 12 workplace deaths at Suncor sites, which Elliott said is more than all of the [Read more]
TC Energy reports $358M first-quarter profit compared with loss a year ago
CALGARY - TC Energy Corp. says it earned $358 million in its first quarter compared with a loss of $1.06 billion in the same quarter last year when it took a charge related to the cancellation of its controversial Keystone XL project. The pipeline company says the profit amounted to 36 cents per share for the quarter ended March 31 compared with a loss of $1.11 per share in the first three months of 2021. Revenue for three-month period totalled $3.5 billion, up from $3.38 billion a year [Read more]
Cenovus Energy reports $1.6B first-quarter profit, triples dividend
CALGARY - Cenovus Energy Inc. tripled its dividend as it reported a first-quarter profit of $1.6 billion. The company says its base dividend will increase to 42 cents per share from 14 cents a year and will continue to be declared and paid quarterly. Cenovus says it will also return cash to shareholders though share buybacks and or variable dividends depending on its excess free funds and the level of its debt. The increased payments to shareholders came as the company said it earned 81 [Read more]
Energy transition will be challenging in era of public protests, regulatory hurdles
CALGARY - From carbon capture and hydrogen development to the accelerated rollout of wind and solar power and rapid electrification of transportation systems, the federal government has laid out an ambitious roadmap to get Canada to its climate target of cutting emissions by 40 per cent below 2005 levels by 2030, and net-zero emissions by 2050. But overhauling this country's entire energy infrastructure in a short amount of time represents an unprecedented technical challenge that will cost [Read more]
ATCO Electric agrees to $31 million penalty following regulator’s investigation
EDMONTON - Regulated utility ATCO Electric has agreed to pay a $31 million administrative penalty after an Alberta Utilities Commission investigation found it deliberately overpaid a First Nation group for work on a new transmission line, and then failed to disclose the reasons for it when it applied to be reimbursed by ratepayers for the extra cost. An agreed statement of facts contained in a settlement agreement between ATCO Electric Ltd. and the commission's enforcement staff says the [Read more]
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