ARC ENERGY IDEAS

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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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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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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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:

• Alberta Premier Smith video on six common questions on AI data centers

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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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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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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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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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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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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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