On April 2, OPEC surprised the markets by announcing a large production cut. Oil prices jumped about $5 a barrel on the news.  On March 28, the 2023 Canadian Federal Budget was released which included additional details on investment tax credits (ITCs) and other incentives to support clean energy investment. This week on the podcast, Peter and Jackie discuss both the OPEC cuts and the 2023 Budget. Content referenced: Canada Budget 2023 Jackie Forrest’s Globe and Mail Article from November 2022 “We built the railway in five years. So why are so many megaprojects now stalled?” Please review our disclaimer at: https://www.arcenergyinstitute.com/disclaimer/  To see a transcript of this podcast, visit the link (scroll part way down the page):OPEC Surprise Cut and Canada’s Budget 2023 (arcenergyinstitute.com) Check us out on social media:Twitter: @arcenergyinstLinkedIn: @ARC Energy Research InstituteInstagram: @arcenergyresearchinstituteYou Tube: @arcenergyresearchinstitute9600Subscribe to ARC Energy Ideas PodcastApple Podcasts Google podcasts Amazon musicSpotify 

Albert Cheung, Deputy CEO, of BloombergNEF joins us as our guest this week.  BloombergNEF provides its clients with research on global commodity markets and the technologies driving the transition to a lower-carbon economy. Here are some of the questions that Jackie and Peter asked Albert:  How has the Inflation Reduction Act (IRA) changed your outlook for energy transition investment in the U.S.? How much did investment in energy transition increase in 2022 and what was the total level of investment?  What are the hot areas for investment?  Is current investing in clean energy deployments enough to be on track for achieving net zero by 2050? BloombergNEF data shows that in Q4 2022, 19% of new vehicle sales globally were electric, is that ahead of your expectations? What are your thoughts on Canadian clean energy investing?  Do you anticipate that the current market volatility, including bank failures, high-interest rates, and SPACs could reduce investors’ appetite for investing in clean energy? Please review our disclaimer at: https://www.arcenergyinstitute.com/disclaimer/ 

This week Frank Davis, Assistant VP, Green Hydrogen and Canada Country Head at Pattern Energy joins as our guest.  Pattern Energy is developing a green hydrogen project at the Port of Argentia in Newfoundland and Labrador. The project will use renewable electricity to produce green hydrogen and convert it into ammonia.  Here are some of the questions that Jackie and Peter asked Frank: Tell us about the different parts of the project (electricity production to hydrogen and ammonia). Why did you select the province of Newfoundland and Labrador? How do you manage the variability of renewable power while running the ammonia plant 24/7? How much does the cost of green ammonia compare with hydrogen produced from fossil fuels? Would you look for 10 or 20 year take-or-pay contracts before proceeding with the project or is it a merchant model? How does Canadian policy for green hydrogen compare with the U.S. Inflation Reduction Act (IRA)? Content referenced:  Learn more about Pattern Energy’s project in Newfoundland: Argentia Renewables - Pattern EnergyUN IPCC AR6 Synthesis Report: Climate Change 2023 (see page 7 of the Summary for Policy Makers to see the infographic that compares to what extent future generations will experience a hotter and different world), Please review our disclaimer at: https://www.arcenergyinstitute.com/disclaimer/ 

Institutional investors are making pledges to reduce the emissions in their portfolio of investments. Most often the goals are tied to their scope 1 and 2 emissions (those controlled by a company they invest in). Occasionally, scope 3 emissions are also included in their goals (indirect emissions from a company’s value chain). While it is not common today, this podcast explains why scope 4 (also called avoided emissions) should be considered in green investment goals. Scope 4 emissions consider the big-picture impact by capturing the emission benefits when a company’s products are used.   For example, take an energy-intensive insulation manufacturer that has relatively high scope 1 and 2 emissions.  These high emissions could cause investors with strict requirements around reducing scope 1 and 2 emissions to not invest. However, when insulation is used in buildings, the emissions reductions are large.  These long-term emissions reductions from using the insulation are scope 4 or avoided emissions.  This example demonstrates how, by considering the scope 4 emissions, investors can see the big picture of their investment's climate impact. This week our guests tell us more about the state of emissions reporting, including scope 4 emissions. We are pleased to welcome Erica Coulombe, Vice President at Millani, and Marcus Rocque, Senior Research Analyst at ARC Energy Research Institute to the podcast. Content referenced in this podcast:  Report that outlines the GHG emission reduction goals of various Canadian pension funds “Building Climate Resilience In Canada’s Pension Funds” by Smart Prosperity Institute  Please review our disclaimer at: https://www.arcenergyinstitute.com/disclaimer/  

This week our guest is the Honourable Jonathan Wilkinson, Minister of Natural Resources. The Government of Canada is working on some key energy policies, such as the clean energy incentives in the 2023 federal budget and a Sustainable Jobs Plan. Peter and Jackie asked Minister Wilkinson these questions: How has the Sustainable Jobs Plan been received so far? Which provinces are joining the regional roundtables and what do you hope to learn from them? What is the progress on Canada’s Carbon Capture and Storage (CCS) policy? Do you expect any CCS projects to be sanctioned? What is the latest news on the Federal Government’s proposed cap on oil and gas emissions? How is Canada competing with the US Inflation Reduction Act (IRA)? What is the status of the proposed East Coast green hydrogen projects? Content referenced in this podcast:  Government of Canada’s Sustainable Jobs Plan Please review our disclaimer at: https://www.arcenergyinstitute.com/disclaimer/ 

This week our guest is Jana Mosley, President of ENMAX Power. Headquartered in Calgary with operations across Alberta and Maine, ENMAX Corporation is a leading provider of electricity services, products and solutions. Jana is responsible for ENMAX’s regulated transmission and distribution business in Calgary. She also directs ENMAX’s power infrastructure, engineering and maintenance services. Here are some of the questions Jackie and Peter asked Jana: Why did ENMAX purchase the business in Maine? What is ENMAX doing to help customers with affordability and adoption of clean energy? Is net-zero electricity possible by 2035 for ENMAX? What are you doing to prepare for a growing number of electric vehicles (EVs), trucks and medium duty fleet vehicles?  Besides EVs do you expect other electricity load growth? Will Calgarians be able to use their EVs in their homes for battery back-up and for sending electricity back to the grid? Do you expect that there will be a need to build new wires and equipment to people’s homes to support EVs and other load growth?  Content referenced in this podcast: Jackie’s tweet about the peak energy load in Alberta for natural gas and electricity using ATCO data: https://twitter.com/JackieForrest/status/1605331565151924224 Please review our disclaimer at: https://www.arcenergyinstitute.com/disclaimer/  

This week our guest is Stewart Muir, founder and CEO of Resource Works,.  Resource Works is a public-interest advocacy and communications not-for-profit based in Vancouver, British Columbia. Their mission is to reignite the promise of Canada's economic future by leading respectful, inclusive and fact-based dialogue on natural resource development.  Here are some of the questions that Peter and Jackie asked Stewart:  How have politics in B.C. changed with the new Premier, David Eby? How is LNG viewed in B.C. now? Is LNG considered as green energy and a way to reduce the use of coal in Asia? What do you think are the chances for the second phase of LNG Canada? What is the sentiment from Indigenous groups on resource development? Explain the Blueberry River First Nations agreement with the B.C. government and how it impacts industrial development in other areas of the province? Do you expect large scale CCS projects to be developed in Northeast B.C.? Content referenced in this podcast: From Peter Tertzakian’s Energyphile “Stairway to Hell” the story of the ghost coal mining town of Bankhead Government of Canada’s Sustainable Jobs Plan Stewart’s new company Tersa Earth Innovations  Please review our disclaimer at: https://www.arcenergyinstitute.com/disclaimer/  

This week Peter and Jackie catch up on the latest news and topics of interest including: Russia to cut oil production by 500,000 B/d in March BP scales back their target to reduce their oil production by 2030  The collapse in North American and International natural gas prices Waiting for the Canadian Federal Government’s spring budget to learn about clean energy incentives policy The concern with articles that overpromise when it comes to clean energy technologies, including commentary on the article “Scientists Successfully Split Seawater to Produce Green Hydrogen” (OilPrice.com) Please review our disclaimer at: https://www.arcenergyinstitute.com/disclaimer/ To see a transcript of this podcast, visit the link (scroll part way down the page):Catching Up: Russia, Oil, Natural Gas, Policy and Clean Tech Promises (arcenergyinstitute.com)

This week on the podcast our guest is John Graham, President and CEO of Canada Pension Plan (CPP) Investments. The mandate of CPP Investments is to invest the assets of the CPP Fund with a view to achieving a maximum rate of return without undue risk of loss. Here are some of the questions Peter and Jackie asked John Graham: What is the history of why Canada created the CPP and CPP Investments? What are your thoughts on 2023 with respect to geopolitics, threat of recession, inflation and volatility in general? Are you dampening your return expectations as a result of the weaker macro outlook? Is the CPP well funded to support Canadians who retire long into the future? Does the CPP have a net-zero 2050 goal?  Will you still invest in high carbon industries, for example steel, concrete or oil and gas? Do you have goals for investing in clean and green energy? What are the barriers for investing capital in clean energy? Could the US Inflation Reduction Act (IRA) attract energy transition focused capital away from Canada? There is an active debate in Alberta now about leaving the CPP, beyond contribution levels, what other factors should Albertan’s consider in this major decision? Please review our disclaimer at: https://www.arcenergyinstitute.com/disclaimer/   To see a transcript of this podcast, visit the link (scroll part way down the page): An Interview with Canada Pension Plan Investment’s President and CEO, John Graham (arcenergyinstitute.com)

In September 2022, Enbridge and 23 First Nations and Metis communities announced that the Indigenous groups would buy an 11.57% non-operating interest in Enbridge operated pipelines in the Athabasca region of northern Alberta for $1.12 Billion – it has been called the first of its kind and an historic announcement. This week, Justin Bourque, President of Athabasca Indigenous Investments and Colin Gruending, Enbridge’s Executive Vice President and President of Liquids Pipelines join the podcast to tell us more about the agreement.   Here are some of the questions Peter and Jackie asked Justin and Colin:  How will the agreement help the 23 communities who are now equity partners in the pipeline system?  How did Athabasca Indigenous Investments finance their share of the pipeline for over $1 billion? What was the process like – who made the first phone call and how long did it take to come to an agreement? Do you foresee more equity partnerships occurring in the future? What is your advice for how companies should participate in Indigenous reconciliation? Content referenced in this podcast: Book Recommendation: 21 Things You May Not Know About the Indian Act by Bob Joseph  Enbridge’s Indigenous Reconciliation Action Plan including the artwork of Jason Carter  Athabasca Indigenous Investments   Please review our disclaimer at: https://www.arcenergyinstitute.com/disclaimer/  To see a transcript of this podcast, visit the link (scroll part way down the page):  Making History: Enbridge Partners with Indigenous Communities on Pipelines (arcenergyinstitute.com)