ARC ENERGY IDEAS
- Episodes
- 344
- Released
- weekly
- Latest episode
- Nov 10, 2026
About the podcast
Join Peter Tertzakian and Jackie Forrest from the ARC Energy Research Institute as they explore trends that influence the energy business, including financial, political, environmental, technological, social and economic forces.
Contributors
- Jackie ForrestCo-host
- Peter TertzakianCo-host
Episodes 344
US Midterms and Canada’s Federal Budget
This week on the podcast, Peter and Jackie cover the US midterm election results and their potential implications for energy policy and Canada. They discuss why Trump’s veto power could limit legislative …
Show notes
This week on the podcast, Peter and Jackie cover the US midterm election results and their potential implications for energy policy and Canada. They discuss why Trump’s veto power could limit legislative changes and debate the likelihood of the Iran war ending. They also consider the possibility of a windfall tax on oil and gas, which some Democrats have pushed for over the past year, as well as increased headwinds for data centres in states led by Democratic governors, and whether this could drive more investment in Canadian data centres. Democratic-led states could also provide more support for clean energy.
Next, they cover last week’s Canadian federal budget, “Masters of Our Destiny, Budget 2026.” For energy, it largely confirmed existing initiatives, including Major Projects Office priorities, the Productivity Mega Deduction tax incentive, and the goal of doubling Canada’s electricity generation. Investment Tax Credit changes included extensions to 2040 and domestic content adders, but overall, there were fewer changes than some expected. The budget also signaled more flexibility in the Clean Electricity Regulations, which restrict natural gas power generation without CCS, and outlined a goal to link Canada’s carbon markets, although details remain limited.
Content covered in this podcast:
- Canada announces landmark investment in Cohere to scale secure, Sovern AI (October 29, 2026)
- Globe and Mail, “Anthropic in talks to lease massive data centre campus outside Edmonton, sources say,” (October 30, 2026)
- Nova Scotia Premier Houston post on his support for AI (September 23, 2026)
- Masters of our Destiny, Canadian Federal Budget 2026
- Angus Reid on Canada, “Data Centre Doubts: Two-thirds want them limited; fears over resource drains drive resistance, (October 7, 2026)
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YouTube MusicBC’s Energy Superpower Plan
British Columbia has seen a major political shift with the election of a majority Conservative government led by Premier-designate Lorne Doerkson after nine years of NDP rule. During the campaign, the …
Show notes
British Columbia has seen a major political shift with the election of a majority Conservative government led by Premier-designate Lorne Doerkson after nine years of NDP rule. During the campaign, the Conservatives released their “BC Energy Superpower Plan: Build More Faster” on September 28, 2026.
On this week’s podcast, Peter and Jackie are joined by Stewart Muir, President and CEO of Resource Works, a leading voice in Canada’s natural resource sector with a focus on British Columbia. They discuss the Conservatives’ platform and what it could mean for energy investment in the province. The platform focuses on expanding LNG exports and natural gas production, repealing Clean BC, and designating the Montney Formation as a strategic provincial asset. The plan also addresses future sources of electricity in the province.
Beyond the platform, they discuss the BC Conservatives’ support for Pacific Link, the proposed oil pipeline connecting Alberta to BC’s southern coast, and the federal Conservative Party’s recent push to lift the oil tanker ban on BC’s northern coast.
Content referenced on this podcast:
- BC Energy Superpower Plan: Build More Faster
- Ready to Deliver, Lorne Doerkson’s Plan for a Stronger BC 2026
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YouTube MusicElection Updates and a Conversation with Jigar Shah at ETC
This episode is also available as a video on YouTube.This week on the podcast, Peter and Jackie review the latest election news, including the BC election, which produced a Conservative majority government over …
Show notes
This episode is also available as a video on YouTube.
This week on the podcast, Peter and Jackie review the latest election news, including the BC election, which produced a Conservative majority government over the weekend, and the Alberta referendum, including the question on separation.
Jackie then shares highlights from the Electricity Transformation Canada conference in Toronto, an annual event developed by the Canadian Renewable Energy Association (CanREA), including a conversation with Jigar Shah for the podcast. Jigar hosts the Energy Empire and Open Circuit podcasts. His previous roles include Director of the US Department of Energy’s Loan Programs Office, Co-Founder and President of Generate Capital, and Founder and CEO of SunEdison.
Jackie and Jigar cover a range of topics, including the pace of the energy transition, the impact of disruptions in the Strait of Hormuz, electric vehicle adoption, the outlook for emerging clean energy technologies, and Jigar’s views on how data centres can be built more intelligently.
Content referenced in this podcast:
- Electricity Transformation Canada (CanREA conference)
- BC Conservatives Plan for a Stronger BC (2026)
- BC Energy Superpower Plan: Build More Faster (September 2026)
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YouTube MusicOil Markets, Diesel, Canadian Heavy Discounts and Pipelines
In this week's podcast, Peter and Jackie discuss global oil and diesel markets, the government’s role in major infrastructure projects, including the Pacific Link pipeline, and widening Canadian heavy oil …
Show notes
In this week's podcast, Peter and Jackie discuss global oil and diesel markets, the government’s role in major infrastructure projects, including the Pacific Link pipeline, and widening Canadian heavy oil discounts.
Escalating conflict in the Middle East has raised oil prices and renewed concerns over supply. Wars in the Middle East and Russia have also constrained refining capacity, tightening diesel supplies. With affordability and the US midterm elections in focus, Peter and Jackie discuss President Trump’s efforts to lower diesel prices. For now, the prospect of a US diesel export ban has receded. On October 15, the IEA announced plans to release 20 million barrels of diesel, while Trump agreed to purchase a relatively small volume of diesel from Russia, raising concerns about broader sanctions relief without concessions on the war in Ukraine.
Next, they discuss Peter’s article in The Hub, “Why Canada must put public dollars behind big infrastructure.” He argues that conventional financial analysis undervalues infrastructure’s generational benefits, including energy security, market access and economic sovereignty, which can extend over 50 to 100 years and may only be fully recognized by governments.
Finally, they examine the roughly US$26/B spot discount for WCS relative to WTI, driven by Western Canadian pipelines nearing capacity, Venezuelan competition in the US Gulf Coast (USGC), and high tanker rates that make re-exports of Canadian oil from the USGC costly. These discounts underscore the value of additional West Coast oil pipeline capacity.
Content referenced in this podcast:
- The IEA October 15 statement on releasing over 20 million barrels of diesel as soon as possible.
- Morningstar, “Surging Middle East Shipping Costs Widen Global Oil Price Gaps, Goldman Says” (Oct 13, 2026)
- The Hub, Peter Tertzakian, “Why Canada must put public dollars behind big infrastructure.” (October 9, 2026)
- Reuters, “Soaring freight rates threaten Asia's appetite for US Crude” (October 8, 2026)
- Studio.Energy, “Latest Developments in Canada’s Market Hostage Situation” (October 9, 2026)
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YouTube MusicBill C-39 and Canada’s Regulatory Alphabet Soup: Former CER CEO Gitane De Silva Explains
This podcast is also available as a video on YouTube The federal government introduced Bill C-39 (Building Canada Strong Act) on September 21, 2026. The bill aims to complete project reviews in one year, with a …
Show notes
This podcast is also available as a video on YouTube
The federal government introduced Bill C-39 (Building Canada Strong Act) on September 21, 2026. The bill aims to complete project reviews in one year, with a single window for proponents, rather than requiring them to deal with multiple federal and provincial agencies. Business stakeholders have responded positively to the draft legislation.This week on the podcast, our guest is Gitane De Silva, Founder & President of GDStrategic, Executive Director of the Peter Lougheed School of Politics and Democracy at the University of Alberta, and former CEO of the Canada Energy Regulator (CER).
Gitane helps us understand the proposed regulatory process, how it compares with the fast-track process under Bill C-5 (which the new Pacific Link, formerly known as the West Coast Oil Pipeline, will follow), and the process established under Bill C-69, famously called the “No New Pipelines Bill.” She also explains the roles of the various agencies involved, depending on the type of project being reviewed.
Content referenced in this podcast:
- The Alberta Government’s website on the Pacific Link oil pipeline (formerly known as West Coast Oil Pipeline)
- The Government of Canada's background document on Bill C-39
- The full text of Bill C-39
- The Hub.com article by Sean Speer “Carney’s moves on building and labour are an outright rejection of Trudeau economics” (Sept 26)
- CBC “Facing criticism, Carney says he has a 'very clear mandate' to push through major economic changes (Sept 22)
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YouTube MusicThe Battery Race: A Conversation with Bob Galyen
This week, we recorded the podcast at the Energy Disruptors: UNITE conference in Calgary. Our guest, Bob Galyen, is one of the top executives in the battery energy storage world and the former Chief Technology …
Show notes
This week, we recorded the podcast at the Energy Disruptors: UNITE conference in Calgary. Our guest, Bob Galyen, is one of the top executives in the battery energy storage world and the former Chief Technology Officer of CATL. He now serves on boards in the emerging U.S. battery sector and owns Galyen Energy.
Battery technology has advanced significantly over the past decade, enabling EV adoption and backing up wind and solar power generation. New battery chemistries promise even greater utility, including longer duration, faster charging, and lower costs.
In their conversation with Bob, Peter and Jackie explore a wide range of topics, including new battery chemistries and Bob’s five golden rules of electrification: safety, performance, lifetime, cost, and environment. They also discuss the geopolitics of batteries and China’s dominance in the sector, including how the Chinese government supported the battery industry’s development. The conversation contrasts China’s approach with that of the United States, which is developing a domestic battery industry to reduce reliance on China for these critical materials and technologies.
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YouTube MusicAlberta Data Centres: Opportunity and Opposition
This podcast is also available as a video on Youtube Data centres have faced growing public backlash in the United States. In Alberta, opposition has been less widespread, and the provincial government supports …
Show notes
This podcast is also available as a video on Youtube
Data centres have faced growing public backlash in the United States. In Alberta, opposition has been less widespread, and the provincial government supports the industry, but communities are raising concerns.This week, our guests -Deirdre Sheehan, Partner and Co-Chair of the Regulatory, Indigenous and Environmental practice at Osler, and Marcus Rocque, Vice President of Research at the ARC Energy Research Institute, review the main concerns surrounding data centres, using the topics outlined in Premier Smith’s recent video as a guide:
- What is a data centre, and why does Alberta want them?
- Didn’t other places get burned by data centres?
- How do Albertan’s actually benefit from these data centres?
- Will my power bill go up?
- What about water?
- Who decides where these data centres get built?
Content referenced in this podcast:
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YouTube MusicA Bullish Outlook for Canadian and U.S. Natural Gas
This podcast is also available as a video on Youtube This week on the podcast, our guest is Dulles Wang, Director of Americas Gas and LNG Research at Wood Mackenzie. Dulles co-authored the report Defying …
Show notes
This podcast is also available as a video on Youtube
This week on the podcast, our guest is Dulles Wang, Director of Americas Gas and LNG Research at Wood Mackenzie. Dulles co-authored the report Defying Gravity: Why U.S. Henry Hub Natural Gas Prices Are Set to Rise. He is also bullish on the longer-term outlook for Alberta natural gas prices (AECO).
The report comes as natural gas prices in the United States and Canada are depressed by abundant supply, especially in Canada, combined with an outlook for very warm winter weather.
Here are some of the questions Jackie and Peter asked Dulles: After years of low natural gas prices and abundant supply, why do you expect prices to rise? Is there a risk that supply could surprise again and continue growing fast enough to keep pace with demand growth, despite low prices? How do warmer winters affect the outlook, given that they appear to be becoming more common, including expectations for this upcoming winter? What is your outlook for Alberta natural gas prices and Canadian LNG exports? This has been a big year for M&A involving U.S. shale gas assets, with a new group of buyers that includes Abu Dhabi’s ADNOC, Saudi Aramco, and Japanese companies. What is driving this trend, and do you expect it to come to Canada?
Content referenced in this podcast:
- Mark Carney Forward Guidance: A Stronger Canada video (September 8, 2026)
- Wood Mackenzie report, Defying gravity: Why US Henry Hub natural gas prices are set to rise (July 2026)
- FT article, Scramble for gas assets pushes dealmaking to a decade high (August 30, 2026)
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SpotifyCanada’s Growing LPG Trade with Asia: A Conversation with Vern Yu
This week on the podcast, our guest is Vern Yu, President and CEO of AltaGas. AltaGas operates a midstream business focused on processing, transporting and marketing hydrocarbons, including natural gas and …
Show notes
This week on the podcast, our guest is Vern Yu, President and CEO of AltaGas. AltaGas operates a midstream business focused on processing, transporting and marketing hydrocarbons, including natural gas and natural gas liquids (NGLs), such as propane and butane. The company also operates natural gas utilities in four U.S. states.
Here are some of the questions Jackie and Peter asked Vern: Based on your experience, particularly in your previous role at Enbridge, how difficult was it to build oil pipelines in Canada historically, and are you optimistic that this is changing? How long has AltaGas been exporting liquefied petroleum gases (LPGs) from Prince Rupert, and how much will volumes grow once the new Ridley Island Energy Export Facility (REEF) is completed? How would you describe Asian demand for LPGs and Canada’s competitive position relative to the United States and the Middle East? Is the growth of AltaGas’s LPG business dependent on aggressive natural gas production growth in Western Canada? AltaGas distributes natural gas in several U.S. markets through your utilities, including Virginia, a hot spot for data-centre growth. What are your growth expectations for data centres, given the growing opposition in Virgina? As a company operating in both Canada and the United States, and even supplying natural gas to the White House, how is the U.S.-Canada trade war affecting your business?
Content referenced in this podcast:
- Video of construction at Ridley Island Energy Export Facility (REEF) on LinkedIn
- Enbridge Tour for Cancer (Register for 2027 and Donate)
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SpotifyTariffs, Tankers, and Data Centre Tensions
The podcast is back after the summer break! Peter and Jackie begin with the escalating U.S.–Canada trade war, including renewed calls to use Canadian energy exports as leverage by reducing exports or imposing …
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The podcast is back after the summer break! Peter and Jackie begin with the escalating U.S.–Canada trade war, including renewed calls to use Canadian energy exports as leverage by reducing exports or imposing tariffs. Both approaches would hurt Canada more than the United States. They also discuss Canada’s new counter-tariffs, which take effect on September 8.
Next, they examine oil markets as the Strait of Hormuz closes again. With tanker traffic low and difficult to track, and refined-product markets tight, uncertainty remains high, with risks seemingly skewed toward higher oil prices in the near term.
They also discuss growing opposition to data centres, including permitting pauses in several U.S. states and local concerns about Meta’s planned development in Sturgeon County, Alberta.
Peter and Jackie then review Canadian LNG and oil pipeline developments from over the summer.
Finally, Graeme Edge, founder and CEO of Energy Disruptors, joins the podcast to preview the conference taking place in Calgary on September 28 and 29.
Content referenced on this podcast:
- CAPP Data Hub and the specific Data Book titled “Canadian Imports of U.S. Crude Oil, Natural Gas, and Refined Products”
- ARC podcast on the Impacts of Tariffs on Canadian Oil and Gas from January 14, 2025
- List of products from the United States subject to counter-tariffs effective September 8, 2026 - Canada.ca
- Calgary Herald article that Anthropic, maker of Claude, is looking to put boots on the Ground in Alberta (August 20, 2026)
- Alberta Premier Smith video on six common questions on AI data centers
- Montana Revokes Bridger Pipeline Waiver After Legal Challenge, Pipeline & Gas Journal, July 29, 2026
- The Pipeline Comes First, Studio.Energy, August 25, 2026
- Energy Disruptors conference information
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SpotifyHormuz Risk, Pipeline Momentum, and Alberta’s New Gigawatt Data Centre
This week’s podcast is the final episode before Peter and Jackie take a summer break. The show will return to its weekly schedule in September. The episode begins with oil market news, as conflict with Iran …
Show notes
This week’s podcast is the final episode before Peter and Jackie take a summer break. The show will return to its weekly schedule in September.
The episode begins with oil market news, as conflict with Iran flares up again and the Strait of Hormuz re-emerges as a critical chokepoint. Peter and Jackie discuss higher-than-expected global oil inventories at this point in the conflict, recent demand trends, and changes in China’s oil imports. While longer-term shifts, including substitution and the rerouting of oil around the Strait, are easier to anticipate, the short-term outlook remains highly uncertain.
Next, they recap the Calgary Stampede pipeline announcements, including the proposed West Coast oil pipeline and the earlier-stage Alberta-to-Ontario project. They also revisit frequently asked questions raised in conversations with the media and industry over the past week.
Finally, they review the news of Meta’s proposed $13 billion Alberta data centre project, along with the Greenlight Limited Partnership power project announced on July 2. They close by considering growing opposition to data centres, a topic Peter discussed at the Upper Bound conference in Edmonton this past May, where he participated on a panel exploring what the AI industry can learn from the energy sector.
Content referenced in this podcast:
- Alberta’s West Coast Oil Pipeline Submission to the Major Projects Office (July 2, 2026)
- Jackie Forrest’s Globe and Mail op-ed “The Iran war, the Saudis’ bold bet and why Canada needs a new pipeline” (May 6, 2026)
- Jackie Forrest’s Globe and Mail op-ed “Finally, Canada steps up as the energy superpower the world needs it to be” (July 1, 2026)
- Chris Varcoe in the Calgary Herald “Meta unveils massive $13B, gigawatt-scale development in Alberta, Canada's largest data centre” (July 8, 2026)
- Meta’s Sturgeon Data Centre information
- Upper Bound conference in Edmonton, recording of the conference panel on What AI can learn from the energy sector’s scars that Peter Tertzakian participated in (held May 2026)
- A report by Data Center Watch on opposition (Q1 2026 update)
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SpotifyOil Pipeline News, Plus Natural Gas with Enbridge’s Michele Harradence
This week, the podcast starts with news on the West Coast oil pipeline. On July 2, Prime Minister Mark Carney and Alberta Premier Danielle Smith announced that a pipeline project exceeding 1 MMB/d was ready to …
Show notes
This week, the podcast starts with news on the West Coast oil pipeline. On July 2, Prime Minister Mark Carney and Alberta Premier Danielle Smith announced that a pipeline project exceeding 1 MMB/d was ready to be submitted to the Major Projects Office. Earlier that same day, PM Carney and B.C. Premier David Eby announced a Canada–B.C. Cooperative Prosperity Agreement, and, as part of the broader economic agreement, B.C. would not oppose a southern marine terminal for the oil pipeline.
On July 6, there was more pipeline news, with Ontario Premier Doug Ford and Premier Smith announcing an early-stage feasibility study for a pipeline connecting Alberta to Ontario’s refining region in Sarnia.
Peter and Jackie then welcomed Michele Harradence, Enbridge’s Executive Vice President and President, Gas Distribution and Storage, and the new Chair of the Board of the Canadian Gas Association (CGA), to the podcast.
Peter and Jackie asked Michele about municipal bans on natural gas, the role of natural gas in cold-climate reliability, and natural gas’s GHG emissions. They also discussed the outlook for North American natural gas demand growth, including demand from AI data centres, and whether supply can keep pace. Finally, they compared the regulatory process for major projects in Canada with that in the United States.
Content referenced in this podcast:
- Canada and British Columbia's new cooperative prosperity partnership (July 2, 2026)
- Canada and Alberta advance west coast pipeline project proposal and Pathways Project Carbon Capture Initiative (July 2, 2026)
- Prime Minister Mark Carney forward guidance video on Canada’s energy future (June 30, 2026)
- ARC Energy Ideas heat pump podcast “Decarbonizing heat: Are air-source heat pumps the solution for Canada? (June 11, 2024)
- Ontario unveils proposed route for Northern Shield Energy Corridor (July 6, 2026)
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SpotifyCanadian Electricity and the New Nuclear Strategy
This week, our guest is Mike Law, former president and CEO of the Alberta Electric System Operator (AESO). Mike now leads MGL Advisory Services Ltd. and advises several companies, including Energy Alberta …
Show notes
This week, our guest is Mike Law, former president and CEO of the Alberta Electric System Operator (AESO). Mike now leads MGL Advisory Services Ltd. and advises several companies, including Energy Alberta, where he is head of power system integration. Energy Alberta is proposing a nuclear generating station in northern Alberta's Peace River region.
The podcast touches on a long list of Canadian electricity policy initiatives, including the federal government’s Nuclear Energy Strategy (June 22) and the Electricity Strategy (May 14). Other policies that are impacting investment and growth forecasts include the Alberta-Canada MOU, the Clean Electricity Regulations (CER), and – specific to Alberta – the new Data Centre Regulation and the Restructured Energy Market (REM).
Topics covered include Canada’s need for new electricity generation to meet growing demand, including from AI data centres; how the CER is creating uncertainty for investment in new natural gas generation; and how Alberta’s REM adds another layer of uncertainty. The discussion also covers Canada’s new nuclear strategy and the plan to build 10 new reactors, including how it compares with the U.S. push toward a similar target. Finally, Mike outlines Energy Alberta’s large-scale Peace River nuclear project, including timelines, regulatory requirements, costs, and stakeholder engagement.
Content referenced in this podcast:
- Nuclear Energy Strategy for Canada (June 29, 2026)
- Powering Canada Strong: A National Strategy for an Electrified Canadian Economy (May 14, 2026)
- Energy Futures: BC Hydro Turns Back to Natural Gas to Help Fill Electricity Gap (June 1, 2026)
- Alberta Data Centre Regulation (June 9, 2026)
- CBC: Power plant proposed for area northeast of Edmonton inches closer to becoming reality (June 24, 2026)
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SpotifyAngela Stent on Putin's War in Ukraine
This week on the podcast, our guest is Angela Stent, a globally recognized authority on U.S.-Russia relations. Angela has held senior roles at Georgetown University, the American Enterprise Institute (AEI), the …
Show notes
This week on the podcast, our guest is Angela Stent, a globally recognized authority on U.S.-Russia relations. Angela has held senior roles at Georgetown University, the American Enterprise Institute (AEI), the Brookings Institution, the U.S. State Department, the National Intelligence Council, and the Council on Foreign Relations, among others. She is also an award-winning author; some of her books include The Limits of Partnership: U.S.-Russian Relations in the Twenty-First Century (2014) and Putin's World: Russia Against the West and with the Rest (2019).
Russia's war with Ukraine is increasingly becoming an energy war. As Ukraine's long-range strike capabilities improve, it has begun hitting Russian energy infrastructure with growing success, meaningfully reducing Russia's ability to produce refined products and crude oil. Jackie and Peter explore the complex geopolitics of the conflict with Angela, including Russia's relationships with Europe, the United States, and China. They also discuss the implications for Canada, including the growing attractiveness of energy from a stable supplier, a point recognized at the recent G7 meeting in France, where Canada was identified as a welcome source of energy to diversify away from supply routed through the Strait of Hormuz.
Jackie and Peter ask Angela: Ukraine has delivered military strikes deep inside Russia this year — does that kind of pressure move Putin toward ending the war? How does Putin view the recent U.S.-Iran conflict, and what are the implications for the Russia-Ukraine war? Beyond Ukraine, is Russia a threat to other European countries? What is a realistic path to ending the war, and what would the best-case scenario look like?
Content referenced on this podcast:
- G7 leaders' statement on geopolitical issues (June 17, 2026), welcoming the potential of Canada to deliver significant additional capacity to global markets in the coming years
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SpotifyTwo Topics: MOU with Iran and a Tour of the Westridge Marine Terminal
This week on the podcast, Peter and Jackie begin with the big news of June 14th: the United States and Iran have reached a preliminary agreement to end the war, which takes the form of a memorandum of …
Show notes
This week on the podcast, Peter and Jackie begin with the big news of June 14th: the United States and Iran have reached a preliminary agreement to end the war, which takes the form of a memorandum of understanding (MOU). While the agreement leaves numerous details to be settled, both sides expect that shipping will resume through the Strait of Hormuz as a result.
They then recap last week's episode with the Honourable Brian Jean, Alberta's Minister of Energy and Minerals, and his optimism about changes in the province that are expected to shorten regulatory timelines and advance a West Coast oil pipeline application toward submission in July. Peter and Jackie also discuss Alberta's referendum question this fall on separation, and how foreign investors may view it.
On June 9, 2026, Peter Tertzakian toured Trans Mountain’s Westridge Marine Terminal in Burnaby, British Columbia, which exports Western Canadian crude oil to tidewater. Peter shares some of what he learned, including comments from people working at the terminal on safety, tanker filling times, and the project to deepen the channel, which would increase the amount of crude oil that can be loaded onto each ship.
Content referenced in this podcast:
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SpotifyAlberta’s Energy Opportunity: A Conversation With the Honourable Brian Jean
This week, our guest is the Honourable Brian Jean, Alberta's Minister of Energy and Minerals. The conversation was recorded at an ARC Financial event in Calgary on June 9. The closure of the Strait of …
Show notes
This week, our guest is the Honourable Brian Jean, Alberta's Minister of Energy and Minerals. The conversation was recorded at an ARC Financial event in Calgary on June 9.
The closure of the Strait of Hormuz has underscored the importance of energy security and supply diversity. This, along with more supportive federal policies, is raising expectations for growth in Alberta’s oil and gas sector.
On the podcast this week, Jackie asks Minister Jean about Alberta’s opportunity to expand oil and gas production, including: Is the Strait of Hormuz closure and the Iran war reshaping how people view Canadian energy? What is Alberta's goal for oil production growth, and what changes, regulatory and otherwise, are supporting that goal? How does Alberta benefit from the build-out of LNG export capacity on the West Coast? The Canada–Alberta MOU outlines a plan to submit a 1 MMB/d oil pipeline to reach Asian markets to the Major Projects Office, with the aim of starting the regulatory review by early July. What is its status, and does the decision on the large oil sands CCS project affect the path forward? Are discussions underway with BC on the pipeline and with local communities, including Indigenous groups? And what are Alberta's opportunities in mineral production and, potentially, processing?
Content referenced in this podcast:
- Canada Government, Overview of Canada’s National Artificial Intelligence Strategy: AI for All (June 4, 2026)
- Global Energy Show (June 9 to 11, 2026)
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SpotifyNVIDIA’s Marc Spieler: AI, Data Centres, and Energy
The podcast opens with updates on the closure of the Strait of Hormuz, a German state-owned energy company contracting for Canadian West Coast LNG, and the Pope's theological document warning about AI …
Show notes
The podcast opens with updates on the closure of the Strait of Hormuz, a German state-owned energy company contracting for Canadian West Coast LNG, and the Pope's theological document warning about AI.
Next, Peter and Jackie introduce this week's guest, Marc Spieler, Senior Managing Director for the Global Energy Industry at NVIDIA, joining from Houston, Texas, to discuss the latest developments at the intersection of AI and energy.
Energy and AI are deeply interlinked. Energy companies are using AI to improve efficiency across oil and gas, renewables, and emerging sources such as next-generation fission and fusion. At the same time, AI's explosive growth is driving significant new electricity demand, requiring a build-out of both generation and grid infrastructure.
Predicting future power demand from AI remains uncertain; it depends on the pace of adoption and whether GPUs, along with other delivery components of the digital infrastructure stack, will become more efficient over time. Marc highlights that data centres are becoming more flexible, with the ability to reduce consumption during periods of grid stress. This would allow new data centre capacity to be added without straining the grid, while also lowering costs for all power consumers by improving system utilization during off-peak periods.
Content referenced in this podcast:
- NVIDIA Blog with examples of energy company AI applications: Efficiency at Scale: NVIDIA, Energy Leaders Accelerating Power‑Flexible AI Factories to Fortify the Grid (March 2026)
- NVIDIA’s NeMo Framework was used for asset integrity and reliability at Petrobras (March 2025)
- NVIDIA’s Earth-2 library of open models, libraries, and frameworks that democratize global access to professional-grade weather and climate AI
- NVIDIA Vera Rubin DSX AI Factory reference design to maximize efficiency (March 2026)
- NVIDIA and Emerald AI, along with other energy companies, pioneer flexible AI factories (March 2026)
- Pope Leo XIV, Magnifica Humanitas: On Safeguarding the Human Person in the Time of Artificial Intelligence (May 25, 2026)
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SpotifyAdvancement of the Canada-Alberta MOU Agreement: Pipeline, CCS, and Carbon Markets
On May 15, Alberta and Ottawa announced updates to their MOU on carbon markets and energy policy, aimed at advancing a greenfield oil pipeline proposal to Asian markets by July 1, with possible construction …
Show notes
On May 15, Alberta and Ottawa announced updates to their MOU on carbon markets and energy policy, aimed at advancing a greenfield oil pipeline proposal to Asian markets by July 1, with possible construction readiness after September 2027. The agreement lowers industrial carbon compliance costs and introduces a TIER price floor (called a minimum transfer price), although industry groups still argue that costs remain too high. The new framework also introduces additional complexity and uncertainty around carbon markets. While the deal marks progress toward a West Coast oil export pipeline, key uncertainties remain regarding commitments to the Oil Sands Alliance Pathways CCS project, opposition in British Columbia, and the future of the Clean Electricity Regulations (CER).
On May 14, the federal government also announced a national electricity strategy. The strategy includes plans for regional electricity planning, along with proposed measures such as extending the Clean Electricity ITC to certain intra-provincial transmission projects and a plan to consult on added flexibility to the CER.
To help Peter and Jackie unpack this wave of policy announcements and their implications for carbon markets and investment, they are joined by Rachel Walsh, Director and Head of Carbon Strategy and Partnerships at BMO Capital Markets.
Content referenced in this podcast:
- Government of Canada, Powering Canada Strong: A National Strategy for an Electrified Canadian Economy (May 14, 2026)
- Prime Minister's Office, Canada and Alberta strike agreement to diversify our exports, reduce emissions, and build a stronger economy (May 15, 2026)
- Prime Minister’s Office, Implementation Agreement for the Canada-Alberta MOU of November 27, 2026 (May 15, 2026)
- Alberta Government, Release on the updates to the Canada-Alberta MOU Agreement (May 15, 2026)
- Studio.Energy, Carbon Competitiveness and Canada’s Oil Industry (April 21, 2026)
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SpotifyIs the Strait of Hormuz Closure Accelerating Clean Energy?
This week on the podcast, Jackie and Peter are joined by Marcus Rocque, Vice President of Research at the ARC Energy Research Institute. This episode focuses on how the oil and gas shock from the closure of the …
Show notes
This week on the podcast, Jackie and Peter are joined by Marcus Rocque, Vice President of Research at the ARC Energy Research Institute. This episode focuses on how the oil and gas shock from the closure of the Strait of Hormuz is reshaping the outlook for clean energy, including how governments are rationing oil and gas use through policies such as work-from-home measures and lower speed limits. There is already evidence of increasing sales of alternatives, including EVs, heat pumps, and electric cookstoves.
The shortage, however, is also expected to increase demand for coal as an alternative in countries like India and China, which have abundant domestic resources that provide energy security. The podcast discusses whether this could change long-term demand for oil and gas and the implications for Canada.
They also consider some of the latest news in Canada, including last week’s visit to Ottawa by IEA Executive Director Fatih Birol, and reports that the federal government is proposing to reverse the order of environmental approvals, allowing cabinet to green-light projects prior to the completion of technical assessments and approvals, along with implementing a maximum one-year review period. Finally, Premier Danielle Smith also traveled to Ottawa last week and left with a confident message about the delivery of the MOU.
Content referenced in this podcast:
- Globe and Mail, “Canada should accelerate new energy infrastructure as market shifts, IEA chief says” (May 4, 2026)
- Latitude Media, Jigar Shah, “This isn’t demand destruction. It's rationing.” (April 24, 2026)
- Premier Danielle Smith’s post on X regarding her positive meeting with Prime Minister Mark Carney on the MOU agreement (May 8, 2026)
- FT, Spencer Dale, “Why the Iran war might not spur a faster transition to low carbon energy” (May 4, 2026)
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SpotifyRory Johnston on the Sanguine Strait Stoppage
This week, our guest is Rory Johnston, a Toronto-based oil market researcher, the founder of Commodity Context, and, among other things, the host of the Oil Ground Up podcast. Peter and Jackie open the show …
Show notes
This week, our guest is Rory Johnston, a Toronto-based oil market researcher, the founder of Commodity Context, and, among other things, the host of the Oil Ground Up podcast.
Peter and Jackie open the show with highlights from the federal government’s economic update, Polymarket bets on the Middle East conflict, and the shift in AI companies toward pay-per-use models over unlimited access.
They then turn to oil markets, asking Rory: What’s your take on the UAE’s announcement about leaving OPEC? You recently wrote on your Commodity Context Substack that the oil market reaction has been shockingly sanguine; why? How do you interpret broader equity markets trading near all-time highs? What might upstream oil and gas investment in the Middle East look like under a fragile post-conflict scenario? With some Western countries shutting down refineries and becoming more reliant on imported products, which is now obviously a vulnerability, do you expect renewed investment in refining capacity? And in Canada’s pipeline debate, with expansions and greenfield projects proposed, which direction should be prioritized: routes to the U.S. or west-coast access to tidewater and Asian markets?
Content referenced in this podcast:
- Futurism, “Bosses Are Blowing More Money on AI Agents Than It’d Cost Them to Just Pay Human Workers” (April 27, 2026)
- Rory Johnson on Commodity Context, “Sanguine Strait Stoppage” (April 23, 2026)
- Oil Ground Up Podcast
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SpotifyShell, LNG Momentum, and Nova Scotia’s Energy Ambitions
The podcast opens with major news: Shell’s agreement to acquire ARC Resources, signaling strong confidence in LNG Canada Phase 2, the broader Canadian LNG sector, and the quality of the Montney resource. It …
Show notes
The podcast opens with major news: Shell’s agreement to acquire ARC Resources, signaling strong confidence in LNG Canada Phase 2, the broader Canadian LNG sector, and the quality of the Montney resource. It also marks a shift, as this is the first major multinational acquisition in Canada following a long period of exits.
Jackie and Peter discuss additional developments, including Minister Hodgson’s comments on major projects reaching FID or construction within a year and Prime Minister Carney’s announcement of a C$25 billion sovereign wealth fund. The episode then features the Honourable Tim Houston, Premier of Nova Scotia, who outlines Nova Scotia’s energy priorities, including offshore wind, oil and gas, and potential for onshore natural gas.
Jackie and Peter ask Premier Houston: How does the recent agreement with the federal government to streamline environmental reviews affect project timelines and certainty? What are the barriers to advancing the Wind West project? What factors led to the decline in offshore oil and gas production, and what actions is the province taking? What is the opportunity for onshore natural gas in Nova Scotia, and what is the history of the 2014 hydraulic fracturing ban?
Content referenced in this podcast:
- ARC Resources Announces Agreement to be Acquired by Shell PLC (April 27, 2026)
- Globe and Mail, “Slew of new major natural resource projects will be under way by next year, Hodgson predicts” (April 24, 2026)
- Prime Minister Carney announces the Canada Strong Fund – Canada’s first sovereign wealth fund (April 27, 2026)
- The Hub.ca, “Peter Tertzakian: Want to get pipelines built? Let Canadians own a piece of the action” (April 25, 2025)
- Nova Scotia Government Wind West Strategic Plan
- Information on Nova Scotia’s recent call for bids process for offshore oil and gas
- Nova Scotia onshore natural gas opportunity
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SpotifyStewart Muir on B.C. Energy: DRIPA, Pipelines, LNG & Power
This week on the podcast, Peter and Jackie are joined by Stewart Muir, President and CEO of Resource Works, a leading voice in Canada’s natural resource sector with a focus on British Columbia. Peter and Jackie …
Show notes
This week on the podcast, Peter and Jackie are joined by Stewart Muir, President and CEO of Resource Works, a leading voice in Canada’s natural resource sector with a focus on British Columbia.
Peter and Jackie open the episode with a discussion of the latest geopolitical developments, including escalating tensions involving Iran and the resulting volatility in oil prices over the weekend, as the Strait of Hormuz opened and then quickly closed. They also review the news of Prime Minister Mark Carney’s newly elected majority government, what it could mean for energy policy, and his recent video address, “Forward Guidance with Prime Minister Mark Carney.”
The conversation then shifts to British Columbia, where Stewart provides insight into the province’s current political landscape, starting with the controversy surrounding proposed changes to B.C.’s United Nations Declaration on the Rights of Indigenous Peoples Act (DRIPA) and Premier Eby's unexpected decision not to proceed with them.
Peter and Jackie also ask Stewart: Will the Major Project Office (MPO) help advance final investment decisions (FIDs) amid ongoing uncertainty around DRIPA? Is the B.C. government’s proposed royalty increase hurting the competitiveness of LNG projects and investment? Is there potential for B.C. to weaken its greenhouse gas policies to better align with federal-provincial agreements, including elements of the Alberta–Canada MOU? What is the current level of support for oil pipeline development in B.C., including among Premier Eby and Indigenous communities, particularly along the northern route? With B.C. increasingly importing electricity and facing potential supply shortages in the future, what are the options to expand generation capacity?
Content referenced in this podcast:
- YouTube, Forward Guidance with Prime Minister Mark Carney (April 19, 2026)
- Power Struggle Podcast with Stewart Muir
- Financial Post Opinion by Deborah Yedlin: The world has an energy problem and Canada is the solution (April 6, 2026)
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SpotifyInside Suncor’s Transformation: A Conversation With Rich Kruger
This week on the podcast, our guest is Rich Kruger, President and Chief Executive Officer of Suncor Energy Inc. Rich explains key messages from the company's recent Investor Day presentation, including its …
Show notes
This week on the podcast, our guest is Rich Kruger, President and Chief Executive Officer of Suncor Energy Inc.
Rich explains key messages from the company's recent Investor Day presentation, including its transformation in safety, operations, and financial metrics over the past three years.
Here are some of the questions that Peter and Jackie asked Rich: What is Suncor’s production now, and what is your 3-year growth plan? How do oil sands costs stack up against U.S. shale? How much capital are you returning to shareholders, and how do you respond to criticism that Suncor should be investing more capital in Canada versus sending it to investors? What are the reserves of Suncor, and how do these compare to those of other companies? With pipeline proposals advancing west to tidewater and south to the United States, where should Canada focus its efforts? Are you concerned about Venezuela creating competition for Canadian oil in the United States? What are your thoughts on US shale oil? Do you expect the growth to slow? With active discussions underway on carbon pricing and the Pathways Carbon Capture project, what is your perspective on Canada’s future carbon policy and competitiveness? How does the federal government’s shift in tone affect your investment outlook, and does it meaningfully reduce greenfield project risk?
Content referenced in this podcast:
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SpotifyProgress on the Canada-Alberta MOU: A Conversation with Deborah Yedlin
This week on the podcast, we welcome back Deborah Yedlin, President and CEO of the Calgary Chamber of Commerce. Deborah returned to the show to discuss the April 1 deadline for key deliverables under the …
Show notes
This week on the podcast, we welcome back Deborah Yedlin, President and CEO of the Calgary Chamber of Commerce.
Deborah returned to the show to discuss the April 1 deadline for key deliverables under the Canada-Alberta Memorandum of Understanding (MOU), signed in late November 2025.
The conversation covered a wide range of topics, including:
- The Iran conflict, the ongoing Strait of Hormuz closure, looming energy shortages, and global oil prices
- Progress on the four key deliverables from the Canada-Alberta MOU, including the agreements in principle reached before April 1 on methane regulations and the “One Project, One Review” framework where Alberta would lead environmental reviews. The discussion also covered delays in reaching an agreement on carbon pricing and the large-scale carbon capture and storage (CCS) projects. While the latter two items missed the deadline, both Premier Danielle Smith and Prime Minister Mark Carney signaled confidence that agreements will be reached. The discussion also explored whether shifting priorities due to the global energy shortage and affordability concerns could lead to greater flexibility in these requirements
- West Coast oil pipeline developments, including a discussion of the potential for alternative financing models for a greenfield 1 million barrel a day pipeline, considering the urgency and strategic importance of expanding export infrastructure for both Canada and Asian buyers at this time
Content referenced in this podcast:
- Canada and Alberta MOU (November 27, 2025)
- Canada and Alberta reach agreement-in-principle on methane equivalency (March 25, 2026)
- Canada and Alberta reach an agreement in principle to accelerate the construction of major projects in Alberta (March 6, 2026)
- Financial Post: Daniel Smith expects foreign investment to play a role in funding a new pipeline (March 3, 2026)
- Studio.Energy: The GDP Payoff of Additional Oil Pipeline Capacity (March 18, 2026)
- TC Energy President and CEO François Poirier: Canada can turn ambition into results, speech made at the Château Laurier (March 31, 2026)
- Studio.Energy: Beyond the Spike: What Oil Markets are Signaling (April 2, 2026)
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SpotifyRecapping CERAWeek 2026
This week on the podcast, Jackie and Peter unpack key themes from the CERAWeek conference held in Houston from March 23–27, 2026. Highlights from the conference include: Canada is back on the global stage …
Show notes
This week on the podcast, Jackie and Peter unpack key themes from the CERAWeek conference held in Houston from March 23–27, 2026.
Highlights from the conference include:
- Canada is back on the global stage: Senior political leaders promoted energy investment opportunities, with notable alignment between federal and provincial governments.
- Iran conflict and the Strait of Hormuz: Experts from multiple perspectives shared views on the conflict and the challenges of reopening the Strait, with general agreement that doing so would be difficult.
- U.S. energy dominance and permitting reform: Senior U.S. officials shared goals to expand energy production and streamline permitting processes to accelerate project development.
- Energy security for importers: Ongoing geopolitical uncertainty is reinforcing the need for diversified energy supply (across energy types and geographic sources) and increased domestic production among importing countries.
- AI and electricity demand: While innovation continues, electricity supply is still considered the key constraint on the pace of AI-driven growth.
- Quiet momentum in clean energy: Despite reduced policy support and funding, companies continue advancing technologies, with potential for meaningful breakthroughs in the years ahead.
Content referenced on this podcast:
- National Petroleum Council study on permitting reform, “Bottleneck to Breakthrough: A Permitting Blueprint to Build” (2025)
- NVIDIA and Emerald AI Join Leading Energy Companies to Pioneer Flexible AI Factories as Grid Assets (March 23, 2026)
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SpotifyThis Is Our Moment: An Interview With the Honourable Tim Hodgson
This week, our guest is the Honourable Tim Hodgson, Canada’s Minister of Energy and Natural Resources. The conversation was recorded at CERAWeek in Houston on March 24, 2026. Here are some of the questions …
Show notes
This week, our guest is the Honourable Tim Hodgson, Canada’s Minister of Energy and Natural Resources. The conversation was recorded at CERAWeek in Houston on March 24, 2026.
Here are some of the questions Jackie asked Minister Hodgson: How is Canadian energy being perceived at CERAWeek, particularly in the context of the war in the Middle East? Do you expect that Canada will meet the Prime Minister’s targets of 50 million tonnes per annum of LNG exports by 2030 and potentially double that by 2040? What steps is Canada taking to attract the hundreds of billions in capital required to advance and build major projects, particularly amid strong competition from the United States? With the first deadline for the Alberta–Ottawa Memorandum of Understanding (MOU) just one week away, what progress has been made, and what are the prospects for advancing a 1 MMB/d oil pipeline to access Asian markets? Is Canada fiscally competitive, especially given its carbon pricing and policy framework compared to the United States? And finally, what opportunities lie ahead for Canada in electricity generation growth?
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SpotifyWhat 1.5 Million Barrels per Day Could Mean for Canada’s Economy
Over the past decade, the Canadian economy has been driven largely by consumption and government spending, while business investment has remained relatively flat. To accelerate Canada’s economic growth, an …
Show notes
Over the past decade, the Canadian economy has been driven largely by consumption and government spending, while business investment has remained relatively flat. To accelerate Canada’s economic growth, an objective emphasized by Prime Minister Mark Carney, Canada will need stronger business investment, particularly investments with the “one-two punch” of growing the economy through increased capital spending in the early years and greater exports in the longer term.
To explore the historical drivers of GDP and what expanded export capacity could mean for Canada’s economy, Mark Parsons, Vice President and Chief Economist at ATB Financial, joins Jackie and Peter on the podcast. The discussion ends with answering the question: What would an additional 1.5 million barrels per day of oil pipeline export capacity, including a West Coast pipeline to Asia and other expansion projects, mean for Canada’s gross domestic product (GDP) growth and jobs outlook over the next decade?
Studio.Energy and ATB have collaborated on a series of reports examining Canada’s GDP and the potential economic impact of increased oil export capacity. The series also includes background articles explaining how GDP is calculated and historical trends.
These articles are available on both the Studio.Energy and ATB websites (see links below).
Content referenced in this podcast:
- Peter Tertzakian’s op-ed in The Hub.ca: The next act in the oil crisis: Time to get ready for rationing and hoarding? (March 13, 2026)
- Seeking Shelter: Iran and the Next Structural Shift in Global Oil Markets (March 9, 2026)
- Studio.Energy reports on Canadian GDP and pipelines:
- ATB reports on Canadian GDP and pipelines:
- The GDP Payoff of Additional Oil Pipeline Capacity (March 18, 2026)
- See all GDP reports at: Special Reports | ATB Financial
- Background report on productivity and the importance of the oil and gas sector, “Productive diversification: Maintaining Alberta’s productivity edge” (August 2024)
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LinkedIn: @ARC Energy ReStrait of Hormuz Closure and the Oil Price Roller Coaster
This week on the podcast, Jackie and Peter review developments in the Iran war, which entered its tenth day at the time of recording on the morning of March 9, 2026. The U.S. reports striking thousands of …
Show notes
This week on the podcast, Jackie and Peter review developments in the Iran war, which entered its tenth day at the time of recording on the morning of March 9, 2026.
The U.S. reports striking thousands of targets in Iran during the first week of the conflict and damaging or destroying more than 40 Iranian naval vessels. In response, Iran and the Islamic Revolutionary Guard Corps (IRGC) have launched missiles and drones across more than ten countries in the region.
Energy infrastructure across the Middle East has also been targeted, including facilities in Saudi Arabia, Qatar, Bahrain, Kuwait, the UAE, and Iran. Some regional producers have shut in oil production due to export disruptions, full storage tanks, and, in some cases, damaged facilities.
Tankers continue to avoid the Strait of Hormuz, a chokepoint through which roughly 20% of the world’s oil supply and LNG trade normally pass. The U.S. has offered naval escorts and a $20 billion tanker reinsurance program to restore shipping, but tankers are not moving yet. WTI briefly surged to about US$118 per barrel on March 9, before easing, amid reports that the G7 was considering releasing strategic petroleum reserves (SPR) and comments from the US President suggesting that the conflict could be nearing an end.
Jackie and Peter also explore potential winners from the crisis, including renewable energy and other alternatives, electric vehicles (EVs), Russia, and possibly Canada, particularly if Canada can expand market access and increase oil and gas production.
Content referenced in this podcast:
- Financial Times: G7 discuss joint release of emergency oil reserves (March 9, 2026)
- Polymarket: US X Iran cease-fire by….
- CBC: Nervous nations calling Canada's energy minister after Iran strikes (March 3, 2026)
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SpotifyIran War, Oil Prices, and Canada Implications
On February 28, the United States and Israel launched an attack on Iran, killing the Supreme Leader along with other senior leaders of the Islamic Revolutionary Guard Corps (IRGC). In his initial statements …
Show notes
On February 28, the United States and Israel launched an attack on Iran, killing the Supreme Leader along with other senior leaders of the Islamic Revolutionary Guard Corps (IRGC). In his initial statements following the attack, President Trump signaled that regime change was a potential objective.
Iran responded aggressively, targeting a range of military, civilian, and energy infrastructure across nine countries at the time of recording. Energy facilities have been hit, including a refinery in Saudi Arabia and LNG export facilities in Qatar. The Strait of Hormuz, a strategic chokepoint handling roughly one-fifth of global oil flows and a key corridor for Qatar’s LNG exports, is effectively blocked. Shipping companies and insurers are unwilling to risk moving through the narrow chokepoint amid ongoing missile and drone attacks in the region. Several tankers have also reportedly been struck.
As a result, oil and natural gas prices have risen. If the Strait of Hormuz remains blocked for an extended period, even higher prices are expected.
This week on the podcast, Peter and Jackie are joined by Josef Schachter, President and Founder of Schachter Energy Research Services Inc. They discuss the recent events, oil prices, available spare production capacity, and inventories, and what these developments could mean for the Canadian oil and gas industry.
Content referenced on this podcast:
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SpotifyBuilding at Record Speed: Does Canada Have the Workforce?
Prime Minister Mark Carney has said Canada needs to “build at speeds not seen in generations.” More than ten major projects have now been referred to the Major Projects Office (MPO). Assuming that all of the …
Show notes
Prime Minister Mark Carney has said Canada needs to “build at speeds not seen in generations.” More than ten major projects have now been referred to the Major Projects Office (MPO). Assuming that all of the projects move forward in the next few years, will Canada have enough skilled workers to deliver them?
To explore this question, our guest this week is Sean Strickland, Executive Director of Canada’s Building Trades Unions. Canada’s Building Trades Unions is the voice of the country’s construction workers, representing more than 600,000 skilled tradespeople across Canada.
Here are some of the questions Jackie and Peter asked Sean: What is the current situation- do we have a shortage or an excess of trade workers? How might that change if all the projects being advanced by the Major Projects Office (MPO) move into construction over the next few years? How mobile is the labour force, and are there policy changes that could improve labour mobility? Are temporary foreign workers still available if Canadian labour becomes stretched thin? What are the demographics of the current workforce? What is it like to work on industrial projects in remote regions, including both the sacrifices and the rewards? How can workforce planning be done when the number of projects that will ultimately proceed remains highly uncertain?
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