I had the pleasure of introducing @cenovus CEO Jon McKenzie at the Global Energy Show today, and while the media has focused on his description of Pathways as "unfinanceable", his comments were more nuanced and the whole speech was a banger. My top 🔥 quotes from his speech: /1 "The vision of a bloodless, imminent, and seamless energy transition from fossil fuels to renewables and alternative energies has been laid bare as fallacious. Only the most ardent of idealogues still pedal this vision. In reality, we are entering into a period of energy diversification, not transition. We use more wood, coal, oil, and gas today to generate energy than at any point in history. The only fuel that we have truly transitioned away from over time is whale oil.
We have come to accept what we always knew from basic economics – “There are no solutions, only tradeoffs.” – There is no free lunch." /2

That was quick…the draft cooperation agreement on environmental and impact assessment between Canada and Alberta is now final, immediately after the 21 day public consultation.
This is about institutionalizing “one project, one review” and the feds have made similar agreements with a half dozen other provinces.
alberta.ca/release.cfm?xI… Looks like Saskatchewan, Quebec and Newfoundland & Labrador are who is left

The electricity abundance and affordability that Canada has enjoyed for decades are ending. Generation is down, exports are now imports, and investment is flat. Canada’s impending electricity shortage is not just an affordability
crisis; it is an economic and security one as well.
Pleased to launch this paper at @ippsaconference today /1
macdonaldlaurier.ca/wp-content/upl… Three statistics that should shock every Canadian out of our complacency on electricity policy:
1. Electricity generation in Canada peaked in 2017.
/2

Record oil, natural gas, uranium and wheat production. Highest gold sales ever. New canola yield records. Major regulatory reform.

2025 was a very good year for Canadian commodities, here are my top stories 🎉/1 1. LNG Canada Phase 1 comes online, finally putting Canada in the global ranks of LNG exporters, with first cargo June 30.
Phase 2 is already undergoing front-end-engineering & design and an FID is expected in 2026,
lngcanada.ca/news/first-car…

The federal government released their EV mandate today. Of all the Soviet-style, top-down, market-defying policies they have implemented this year, this may be the most egregious. It restricts, then prohibits, the sale of non-ZEVs by 2035 /1
canada.ca/en/environment…
Some of the obvious problems with this scheme:
It privileges a certain technology (EVs) over lowering emissions, so that for example a Ford F-150 lightning is allowable but a Honda Civic is not. This disregards life cycle emissions and other environmental considerations /2