Energy Archives - Page 5 of 6

4Jul

By Bob AscahNo Comments

Budget, Credit Ratings, Energy, Investment, Opinion/Research, Politics, Uncategorized

Alberta’s Economic Recovery Plan

Analysis and Opinion Correction made 8 July 2020 re. $1.906 trillion, not billion Premier Jason Kenney has doubled down on his bet to rescue Alberta's beleaguered economy with more corporate tax cuts and higher infrastructure spending. Alberta' Economic Recovery Plan or ERP is a curious blend of spin, self-praise, capitalism at public expense, and a few interesting policy ideas. But overall the plan reads as an unimaginative, traditional blend of slogans, new organizations, and promises about jobs. According to the Premier, "jobs and the economy come first." Most importantly though, the Report confirms Alberta leaders are essentially hostage to international and domestic finance capital. The Premier even observed in his Press Conference that he had met that morning with Uni...

Calm before the Storm- Provincial Archives 1980

22Jun

By Bob AscahNo Comments

Employment, Energy, Intergovernmental

Calm before the Storm- Provincial Archives 1980

Updated 25 June 2020 One of the most curious recommendations in the Fair Deal Report is section III which encourages “telling Alberta’s story.” This call to action urges the sharing of "common messages". The authors suggest that “transparent” civic society groups like municipalities, unions, companies, advocacy groups, non-profits and "indeed, every citizen” have a "critical and essential voice" to tell Alberta’s story. However, this section includes the invocation to tell a story about Alberta’s “leading practices in the energy, agriculture, and forestry sectors and the full cost that Alberta’s failure would have on benefits currently shared by the country as a whole.” Critics would charge that the panel was pandering to enduring grievances accentuated by the volatile roller- coaster...

“A National Energy Program”- Hyndman papers

17May

By Bob AscahNo Comments

Energy, Energy, Government Finances, Intergovernmental

“A National Energy Program”- Hyndman papers

The Provincial Archives of Alberta slumbers in obscurity, but the work of its archivists is essential to the conservation and preservation of Alberta's rich social and political history. Lou Hyndman served with Peter Lougheed's ministry from 1971 to 1985 when he returned to the private sector. Hyndman served in many key cabinet positions, including Education, Intergovernmental Affairs, and Treasury. He donated over 100 boxes of records from his time in the provincial government. In this extract, the Deputy Minister of Energy- Energy Resources, Dr. Barry Mellon advises his minister, the Honourable Merv Leitch about impending storm clouds circling over Alberta's energy sector. This revealing memorandum was written six months after Pierre Trudeau won a majority election on 18 Febr...

9May

By Bob Ascah1 Comment

Bankruptcies, Energy, Environment, Loan Losses

Follow the Money- if you can

Updated 13 May 2020 and 4 August 2020 In this post, I return to the receivership of Trident Exploration and the various "legal fictions" used including: Trident Limited Partnership, Trident Exploration (Alberta) Corp., Trident Exploration (Aurora) Limited Partnership I, Trident Exploration (2006) Limited Partnership I, and Fenergy Corp. Trident was a debtor to two provincial agencies: ATB Financial (ATB) and Alberta Investment Management Corporation (AIMCo). The Creditors Trident was placed into receivership in May of 2019 and attracted considerable attention because of the large number of unproductive wells and its vast reclamation obligations. The 177 page affidavit of Yvette Kennedy, Chief Administrative Officer of the Town of Stettler initiated the receivership process. AIMCo and ...

Federal Energy Program Finally Announced- Analysis/Opinion

20Apr

By Bob AscahNo Comments

Bankruptcies, Banks, Energy, Energy, Environment, Opinion/Research, Politics

Federal Energy Program Finally Announced- Analysis/Opinion

Belated Announcement On Friday, 17 April, the anxiously awaited federal program to support the oil and gas industry was announced by Natural Resources Minister Seamus O’Regan (pictured). Details were minimal despite weeks of waiting. As anticipated, much of the money was directed at orphan well clean up in Alberta, Saskatchewan and British Columbia. The amount- $1.75 billion was substantial and included $75 million for the offshore sector. In addition, $750 million was allocated to “create a new Emissions Reduction Fund to support workers and reduce emissions in Canada's oil and gas sector, with a focus on methane.” The announcement noted that the measure will maintain about 5,200 jobs in Alberta alone. In addition, loans would be provided through the Business Development Bank to qualifyi...

Keystone-XL, the Alberta Petroleum Marketing Commission and the Borrowers

9Apr

By Bob AscahNo Comments

Agencies, Credit Ratings, Energy, Energy, Government Finances, Opinion/Research

Keystone-XL, the Alberta Petroleum Marketing Commission and the Borrowers

At the end of March, the Alberta cabinet passed Order in Council 104/2020 which authorized the “President of Treasury Board and Minister of Finance to make advances to or purchase securities of the Alberta Petroleum Marketing Commission.” In addition, the Minister was given the authority to raise: “up to $2 000 000 000, by the issue and sale from time to time of notes, bonds, debentures or interest-bearing or non-interest-bearing treasury bills issued by the Crown in right of Alberta or any other securities under which the Crown in right of Alberta is the debtor (collectively referred to hereafter as “Government securities”) for the purpose of making advances to or purchasing securities of the Alberta Petroleum Marketing Commission in respect of the development of ...

3Apr

By Bob AscahNo Comments

Agencies, Energy, Government Finances, Opinion/Research, Politics

Politics of Alberta Growth Mandate (AGM)

Politics of the Alberta Growth Mandate In past articles, the Alberta Growth Mandate was explained as a significant policy initiative in the first NDP budget of October 2015. It should be noted that, in the fall of 2015, Alberta was reeling from significant declines in investment and job losses, and a rookie NDP government was looking for quick wins to support jobs in the Alberta economy. The policy objective was to support Alberta companies (as defined by the Alberta Investment Management Corporation (AIMCo)) and based on meeting one of the following criteria. a. Creates jobs in Alberta b. Builds new infrastructure in Alberta c. Diversifies Alberta’s economy d. Supports Alberta’s growth e. Connects Alberta’s companies to export markets f. Develops subject matter exper...

Keystone XL- Some Questions- Analysis and Opinion

2Apr

By Bob AscahNo Comments

Energy, Energy

Keystone XL- Some Questions- Analysis and Opinion

On Tuesday 31 March, Premier Jason Kenney announced the province was making a $1.5 billion investment to “kick-start” the Keystone X-L pipeline owned by TC Pipelines (formerly TransCanada Corporation-TRP-TSX). Calling Albertans “resilient,” this “bold move” was deemed necessary to “ensure a future for our largest industry.” The Premier, in his brief announcement, equated jobs and the economy with pipelines. Noting that the “world needs a reliable, democratic source of energy,” Kenney elaborated on a theme popularized by Stephen Harper and Ezra Levant known as “ethical oil.” Drawing a line between Alberta’s vast oilsands- the biggest resource play in any democracy- and the XL pipeline to get Alberta’s bitumen to market- this investment will immediately create 7,000 jobs, according to Alb...

1Mar

By Bob AscahNo Comments

Energy, Energy, Environment, Investment, Politics

Teck withdraws from Frontier

Teck's withdrawal signifies a major turning point in the struggle between forces opposing a fundamental shift in the use of fossil fuels and governments and industries resisting a transition. The company's signalling that Teck would have to write off $1.l billion of its spending on the Frontier project, foreshadowed the difficult corporate decision. The immediate political fallout: in Ottawa a sigh of relief. In Alberta: instant anger but also a slow realization, a coming to terms that the "last boom" was indeed the last boom. It is now time for the adults in the room to come to terms with a new tomorrow. It will be especially painful for the Kenney government which had placed so much attention on the project, demanding "Ottawa" approve the project. But the tone was irreleva...

12Feb

By Bob AscahNo Comments

Energy, Energy, Opinion/Research

Teck-Frontier -Opinion

There are alternatives to Teck-Frontier I have not witnessed this level of political intemperance in Alberta since I was a graduate student at the University of Alberta in 1980. I am alarmed and deeply disturbed with the nasty rhetoric that has been displayed recently by the Alberta government – notably the statement by Jason Nixon, the Environment and Parks Minister. At issue is the impending decision by the federal government on the Teck-Frontier project. Proponents of the project stress the project will create 7,000 jobs during construction and up to 2,500 workers during operation. The project, which has been under review for ten years, is estimated to deliver $70 billion in taxes over 40 years of production and billions of dollars in spin off activity. There is no doubt that it ...