In the News: Canadian Politics, Electricity Challenges, Climate Week NYC, and Oil Price Volatility

This week, Peter and Jackie discuss recent news headlines. Here is what they explored:

Canadian Federal Politics. Last week was not the time for an election as the NDP and the Bloc Québécois did not support the Conservative Party of Canada’s motion for a carbon tax election. But when will the election be held, and what does a faster election mean for advancing new energy legislation and regulations? 

Climate Week NYC is an annual event that focuses on addressing climate change. Peter and Jackie discuss the news that caught their attention while watching headlines from the week, including a nuclear energy renaissance. There is also a growing recognition that greenhouse gas emission reduction goals are not being achieved and that oil demand continues to grow.

Canadian Electricity Markets. Ottawa opened a consultation to consider adding a surtax on Chinese modules, semiconductors, batteries, and battery parts imported into Canada, similar to the 100% surtax on EVs introduced in the summer.

Electricity demand in Canada is growing. As a result, several provinces, including Ontario, British Columbia, and Quebec, have recently made calls to build new electricity generation plants. Alberta, however, is in the middle of an electricity market redesign that is, for now, making new investment in the province uncertain.

Oil Markets. While WTI oil price stayed in the $US75-85/B range for most of 2024, it fell to $US65/B on September 10th and recovered to $US68/B at the podcast recording time. Jackie and Peter discuss factors contributing to the weakness in oil prices.

Other content referenced in this podcast:

• World Nuclear News: Constellation to restart Three Mile Island unit, powering Microsoft (September 2024)
• DCD: Oracle to build nuclear SMR-powered gigawatt data center (September 2024)
• Canada consults on measures to protect Canadian workers in critical manufacturing sectors from unfair Chinese trade practices (September 2024)
• Alberta AESO stakeholder feedback on potential strategic reserves 
• Financial Times:  Saudi Arabia ready to abandon $100 crude target to take back market share (September 2024)

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