AB Pol Econ

12Jul

By albertarecessionwatchNo Comments

Uncategorized

Fault(y) (head)Lines Opinion

In the course of one day last month, three separate news articles appeared in the Edmonton Journal (2) and The Globe and Mail, that had the capacity to mislead or mis-state certain facts about developments in Alberta's energy sector. The headline "Oil sands firms face stringent emissions caps" was published on 16 June. Written by Kelly Cryderman and Jeff Lewis, the use of the words "stringent emissions caps" seemed a stretch headline. (more…)

1Jul

By albertarecessionwatchNo Comments

Bankruptcies

Redwater Resources

Originally posted 1 July 2017 Since our last post on the Redwater decision, the Alberta Court of Appeal, in a two-one decision, upheld the earlier judgment of Chief Justice Neil Wittman. The judgment was rendered by Justice Frans Slatter with Madam Justice Frederica Schultz concurring. Madam Justice Sheilah Martin's dissent is the first ray of hope for the Alberta Energy Regulator (AER) and the Orphan Well Association (OWA) which has contested the Trustee in Bankruptcy's right to disclaim unproductive oil wells. The trustee, Grant Thornton LLP, acting on behalf of Alberta Treasury Branches (ATB Financial), sought only to claim the productive wells. The ultimate outcome in this case is central to the relationship between oil and gas producers and lenders and to the financial viability of...

3Jun

By albertarecessionwatchNo Comments

Uncategorized

Another Downgrade

On 26 May, U.S.-based Standard & Poor's dropped the Province of Alberta's credit rating two notches to A+. The Report [Standard-and-Poors-2017-0526-Credit-Analysis-Report] cites continuing budgetary deterioration and growing debt as the causes of the downgrade. (more…)

The Alberta Energy Regulator advertises (Again)

2Jun

By albertarecessionwatchNo Comments

Agencies

The Alberta Energy Regulator advertises (Again)

Alberta Electric System Operator (AESO) The following ad seeking candidates for the position of AESO board members appeared in the Edmonton Journal last week. While the ad is extremely general it should include the ability to read near- microscopic print! (more…)

31May

By albertarecessionwatchNo Comments

Energy

Now it really gets interesting

Originally posted 31 May 2017 The electoral outcome of the British Columbia election was settled last week. This week it appears that a "coalition" agreement between the B.C. Greens and the New Democratic Party will serve to defeat Christy Clark's government. (more…)

17Apr

By albertarecessionwatchNo Comments

Agencies

Narrowing the playing field

Alberta Energy Regulator advertises for Hearing Commissioners In the 15 April edition of the Edmonton Journal an ad appeared seeking interested individuals to apply for a position as a Hearing Commissioner with the Alberta Energy Regulator (AER). (more…)

"Much ado about nothing"- ‘Bolton Report’

20Mar

By albertarecessionwatchNo Comments

Agencies

"Much ado about nothing"- ‘Bolton Report’

Originally published 20 March 2017 Preface This is a story about a government announcement in the early days of the Prentice administration that I took very seriously. (As it turns out I shouldn't have.) Since the Report arising from the announcement was never released, I undertook to bring it to the light of day through the access to information process. It took ten months. The tale below summarizes the background to the announcement; the enjoyable and lengthy process to receive a copy of the Report; and summary of the report; and my comments on the contents of the Report and recommendations An earlier column can be found at The Bolton Committee. (more…)

18Mar

By albertarecessionwatchNo Comments

Budget

Budget 2017- Opinion

Overview Joe Ceci's 2017 budget could be characterized as a "steady as she goes" budget. The citizens of Alberta will be paying for this budget, and many previous budgets, with higher taxes and higher debt service costs for years, if not decades, to come. There are many observers who feel the budget was "ok" since programs and capital spending are not disturbed. There are also many Albertans who do not believe using the credit card to support spending is the right way forward. One half of Mr. Ceci's address spoke of the capital spending and repair and maintenance undertaken by the Government. Virtually no corner of the province escaped mention: a courthouse for Red Deer a new hospital for South Edmonton Highway construction for Fort Saskatchewan Deerfoot Trail in Calgary an...

11Mar

By albertarecessionwatchNo Comments

Agencies

Baby steps at AIMCo board

Originally 11 March 2017 Three weeks ago an inconspicuous Order-in Council 39/2017 was quietly passed to repeal two sections of the Alberta Investment Management Corporation Regulation. The deletion of sections 5 and 6 are highly significant as the sections assured a measure of independence for the corporation's management and board from the government. The government's decision is positive and courageous for the reasons explored below. (more…)

23Feb

By albertarecessionwatchNo Comments

Budget

Third Quarter Fiscal Update

Green shoots- still clouds on horizon Treasury Board President and Finance Minister, Joe Ceci released the Government of Alberta's Third Quarter Fiscal Update and Economic Statement on Thursday 23 February 2017. Overall the fiscal picture has not changed very much over the past three months. The 2017-18 budget is expected to be in March and will likely reflect some tweaks to the fiscal 2017 numbers published today. There is definitely some more optimism in Alberta today as oil prices have stabilized, pipeline approvals announced, and Fort McMurray rebuilds. Possibly the worst is behind the economy but there is little reason to be complacent. Today Mr. Ceci announced the passage of an Order in Council authorizing the borrowing of up to $14 billion. He immediately cautioned that this appro...