Economy
Wrapping Up Canadian Energy 2023 – Prosperity, Power Struggles, Pipelines, EV Promises and “Pie in the Sky” Politics

From EnergyNow Media
By Deidra Garyk
2023 was an optimistic year in the Canadian oil patch. The +15 walkway system in downtown Calgary has been buzzing with the energy of people hurrying to business meetings and networking events.
Some of those scurrying about were headed to talk multi-billion-dollar merger and acquisition (M&A) deals that the patch continued to experience throughout the year. Traditional oil companies also bought alternative energy and carbon tech companies. Carbon capture, utilization and storage (CCUS) was the investment decision of the year.
Oil and gas prices remained relatively high. Not great, but not in the toilet like the dark years of 2015 to 2021. That meant government coffers filled, easing some of the debt burden accumulated during COVID. Oil and gas companies, producers and the many service providers who support the production, were able to continue paying down debt and providing returns to patient shareholders.
Canadian majors Suncor, Cenovus, and Enbridge went through leadership changes at the top. I wish these men success and courage. They are going to need it to embolden pragmatism at all levels of government.
The Canadian federal government continues to be all-in on climate and green energy, seemingly to the exclusion of traditional, reliable energy sources. Although, since climate change has taken a backseat to affordability and energy security for the voting public – the only people politicians really care about – the Liberals have had to rebrand some programs to get buy-in.
One example is renaming the “Just Transition” the Sustainable Jobs Plan. Other than the name, not much has changed. There is still a push for unionized, non-oil and gas jobs.
The feds “invested” (their word, not mine) billions of dollars in EV battery plants, continuing to go all-in on 100 percent EV car sales in twelve years. Senior bureaucrats at Transport Canada even touted the nearness of EV heavy-duty commercial transportation and equipment. (Someone should tell them it will not work well in remote locations with no charging infrastructure.) Energy and Natural Resources Minister Jonathan Wilkinson lauded the day when agricultural equipment goes all electric, fantasizing about the economic boon that will bring. (Someone else should tell him it will not be experienced by farmers who have to spend their hard-earned dollars on equipment replacements.)
Joe Biden visited Ottawa in March. I happened to be there for a conference, so I got to experience the pomp and circumstance first-hand. I have never seen so much security, and I have travelled to places under military control and lived in a country that remains perpetually under the threat of foreign invasion.
Biden’s motorcade is a long, emissions-belching row of vehicles. I did not see any EVs. It includes two “Beasts” (one used as a decoy while the other transports the President), an ambulance, and several tricked-out SUVs. It is quite a spectacle.
As expected, topping the list of topics on the visit’s agenda, President Biden and Prime Minister Trudeau talked about energy and climate, as outlined in their joint statement.
Global sustainability reporting standards were released in June and come into effect January 1, 2024. Publicly traded companies are waiting for Canada to release jurisdiction-specific regulations to understand the magnitude of what will be required. In the Fall Economic Update, released November 22, the feds said rules will be put in place to extend mandatory climate reporting to private companies. That is a big hint at what all companies should expect, at a minimum.
You can listen to my podcast on the subject with energy analyst Dr. Tammy Nemeth here.
On the topic of climate, Bill S-243, An Act to enact the Climate-Aligned Finance Act and to make related amendments to other Acts passed second reading in the Senate in June. You may think this is just some boring Senate bill, but oil and gas boards and employees need to be aware of it.
The bill aims to restrict investment in hydrocarbons, forces companies to set climate commitments, and dictates who has to be part of a company’s board of directors. Worse, section 13(1) Appointment – restriction outlines who cannot be a board member – anyone who works in or owns shares in a fossil fuel company.
It goes as far as to include: “And whereas investment in energy efficiency, clean energy and clean technologies and the incentivization of innovation and behavioural change must replace investments in greenhouse-gas-emission-intensive activities for effective action against climate change.” It targets “fossil fuel activity” in the definition of “emissions-intensive activities”.
Alignment with climate commitments requires that companies:
- take into consideration vulnerable groups, communities and ecosystems, including the biodiversity of those ecosystems,
- make decisions based on equity and the best available science and
- do not promote, foster or exacerbate food insecurity or inequalities in society; and
- do not cause significant harm to social and environmental obligations recognized by Canada.
This bill should trouble any rational person, and it is not getting enough attention. It ramps up climate hysteria and enshrines it into all financial decision making. It is ideological to its core.
I encourage you to read the bill here.
Fortunately, two major, necessary egress projects – Coastal GasLink and Trans Mountain – are well underway before Bill S-243 can stop them. Coastal GasLink reached major milestones of 100 percent pipeline installation and mechanical completion, ahead of schedule. Unfortunately, the federally owned Trans Mountain pipeline has continued to experience delays and a cost increase to $30.9 billion. Although, it was about 80 percent complete in March and expected to be in service in the first quarter of 2024, the project has been delayed due to issues over the route and may not be completed until the end of 2024.
Canada’s summer wildfire season had environmental activists hot and bothered, blaming one thing, and one thing only – climate change!
Calgary hosted the 24th World Petroleum Congress and world energy leaders in September. The torch was passed on to Saudi Arabia to host next. Based on their booth, it will be an extravaganza that will undoubtedly proudly display their oil and gas development. Energy and Natural Resources Minister Jonathan Wilkinson dutifully kept to the Liberal’s script and was challenged to mention the words “oil” and “gas” during his speech at the World Petroleum Congress. This caused the ire of Alberta Premier Danielle Smith, who has had it with the feds’ attitude towards oil and gas.
She has now invoked the Alberta Sovereignty Act in an attempt to prevent the federal government from being able to enact the Clean Electricity Standard by 2035. She has taken a lot of heat for it, but Saskatchewan’s Premier Scott Moe did it first with the colloquially named Saskatchewan First Act. When adversarial Environment and Climate Change Canada Minister Steven Guilbeault threatened to criminalize the use of coal-fired power generation past 2030, Moe puffed out his chest and said, “come get me!”
For all the partisan naysayers attacking the Premiers, I recommend reading Electricity Canada’s response to the Clean Electricity Regulations. It is emotionless and objective, and it sides with the Premiers.
Good thing there is serious discussion about the electricity grid and reliability happening in the Edmonton Legislature because Alberta’s grid operator AESO has issued several warnings in the last year, on both hot and cold days. This has me impatiently waiting for the 2,700 megawatts of new natural gas-powered generation to come on in 2024.
November was all about the carbon tax fight. The feds doubled down on the importance of carbon taxes in the fight against global warming, but not in regions where their sitting MPs risk losing their seats (i.e. their jobs) in the next election. If you think it was not political, you are fooling yourself. They are still fighting over the applicability of a tax on farmers. As someone who eats, I would like it removed to keep the cost of food down.
Premier Moe will not charge Saskatchewan residents carbon tax on natural gas and electricity used to heat homes. This seems reasonable considering that it gets really, really, really cold in Saskatchewan for many days in the winter and reliable energy is a must.
In a hotter region of the world, Dubai, United Arab Emirates hosted COP28 in December. It is the twenty eighth UN climate conference, and yet we appear no closer to solving the thing they say is a crisis – rising emissions. The globe reached the height of emissions in 2023, even though coal use is down and renewable energy capacity and investment is up, up, up, according to the International Energy Agency.
As expected, Canada made various expensive pledges. Minister Guilbeault bounces to the podium for a photo op, drops a climate pledge or two, and the rest of us are left trying to figure out how to meet the commitment. The most contentious for Alberta and Saskatchewan was the oil and gas emissions cap that has been called a de facto production cap.
GEOPOLITICS
With energy security remaining a priority for citizens, nuclear is no longer a bad word. Countries and regions are expanding existing nuclear infrastructure and there is increasing public acceptance for small modular reactors. The false fear tactics used by the anti-nuclear activists have finally been shown for what they are – exaggerated and untrue.
The BRICS alliance expanded with the addition of six new members: Iran, Saudi Arabia, Egypt, Ethiopia, Argentina, and the United Arab Emirates.
Not only are the BRICS nations population and economic power players, they hold the keys to unlocking vast reserves of reliable energy. Total oil production from BRICS nations will be between 40-45 percent of global oil production, more than OPEC’s 35-40 percent. In addition, the members hold vast reserves of the minerals needed for any future energy transformation.
Forty other countries applied to join, demonstrating an interest in the group. Western leaders and NGOs would be wise to pay attention to the growing influence of the BRICS, even if they dislike some of the members.
BRICS is my geopolitical story of the year as it continues to disrupt global energy markets. In 2022, India increased purchases of discounted Russian oil by forty percent. This year, India purchased oil from the United Arab Emirates in rupees, their local currency. These are two examples of the shifts that are happening but are seemingly ignored by the West.
Overall, it appears that pragmatism and realism are influencing political energy decisions, and 2024 is expected to be another positive year for the Canadian oil patch.
All the best for the new year. May you enjoy peace and prosperity.
About Deidra Garyk
Deidra Garyk has been working in the Canadian energy industry for almost 20 years. She is currently the Manager, ESG & Sustainability at an oilfield service company. Prior to that, she worked in roles of varying seniority at exploration and production companies in joint venture contracts where she was responsible for working collaboratively with stakeholders to negotiate access to pipelines, compressors, plants, and batteries.
Outside of her professional commitments, Deidra is an energy advocate and thought leader who researches, writes, and speaks about energy policy and advocacy to promote balanced, honest, fact-based conversations.
2025 Federal Election
Taxpayers urge federal party leaders to drop home sale reporting to CRA

Party leaders must clarify position on home equity tax
The Canadian Taxpayers Federation is calling on all party leaders to prove they’re against home equity taxes by pledging to immediately remove the Canada Revenue Agency reporting requirement on the sale of primary residences.
“Canadians rely on the sale of their homes to pay for their golden years,” said Carson Binda, CTF B.C. Director. “After the government spent hundreds of thousands of dollars flirting with home taxes, taxpayers need party leaders to prove they won’t tax our homes by removing the CRA reporting requirement.”
Right now, the profit you make from selling your home is exempt from the capital gains tax. However, in 2016, the federal government mandated that Canadians report the sale of their homes to the CRA, even though it’s tax exempt.
The Canada Mortgage and Housing Corporation also spent at least $450,000 to study and influence public opinion in favour of home equity taxes. The report recommended a home equity tax targeting the “housing wealth windfalls gained by many homeowners while they sleep and watch TV.”
“A home equity tax would hurt seniors saving for their golden years and make homes more expensive for younger generations,” Binda said. “If the federal government isn’t planning on imposing a home equity tax, then Canadians shouldn’t be forced to report the sale of their home to the CRA.”
Bjorn Lomborg
The stupidity of Net Zero | Bjorn Lomborg on how climate alarmism leads to economic crisis

From spiked on YouTube
Note: This interview is focused on Europe and the UK. It very much applies to Canada. The 2025 Federal Election which will see Canadians choose between a more common sense approach, and spending the next 4 years continuing down the path of pursuing “The Stupidity of Net Zero”.
European industry is in freefall, and Net Zero is to blame.
Here, climate economist Bjorn Lomborg – author of Best Things First and False Alarm – explains how panic over climate change is doing far more damage than climate change itself. Swapping cheap and dependable fossil fuels for unreliable and expensive renewables costs our economies trillions, but for little environmental gain, Lomborg says.
Plus, he tackles the myth of the ‘climate apocalypse’ and explains why there are more polar bears than ever.
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