The sixth annual National Energy Roundtable conference was held virtually on March 3 & 4 and built on the outcomes from The Energy Roundtable’s 2020 virtual event series. The conference examined Canadian energy in the context of two key themes: Competitiveness and Sustainability
According to recent polls, the state of the country’s economy is the biggest issue of the day for Canadians. When it comes to strategic direction, a majority of Canadians say that oil and gas need to be a part of Canada’s recovery and that supporting jobs in this area is necessary to kick start the economy.
This sentiment takes place against the backdrop of a global economy that is decarbonizing, including by deploying variations of Green Recovery in response to the Covid 19 pandemic in a number of countries, including Canada. So what does a low-carbon future look like for Canada and how will it affect the country’s energy sector and overall economic competitiveness?
The virtual National Energy Roundtable conference gathered a high-powered line-up of speakers from across Canada to share their insights on:
Competitiveness:
Sustainability:
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WHOVA – all times listed are EST
WEDNESDAY, MARCH 3 |
COMPETITIVENESS |
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| MC | Jason Langrish, President, The Energy Roundtable | |
| 10:00 am | Welcome | |
| 10:05 am | What will the energy company of the future look like? Canadian oil and gas producers are accustomed to ups and downs, but the situation they face now is uncharted since just about every aspect of the business is under severe financial strain. Over the past 18 years it is estimated that the direct contributions Canada’s energy sector made to federal and provincial revenues is conservatively estimated at $360 billion — more than any other sector by far. But there is divide over what the country’s energy future should look like. Major players are placing large bets on new technologies and renewables instead of oil and gas, for which some forecast that demand may have already peaked. Norwegian consultancy Rystad Energy recently forecast that Alberta is set for a boom in large-scale renewable energy projects and, by 2025, will lead all provinces in wind and solar capacity. The panel will provide perspectives on energy development in Canada going forward and what the company of the future will look like.
Discussion led by: Christine Milliken, Partner, Blake, Cassels & Graydon LLP |
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| 10:55 am | Canadian energy competitiveness
Part 1: Consolidation trends in oil & gas. If industry can consolidate and weather the current storm, Canada’s energy sector could recover in a big way – as a longer-term value play. Many Canadian oil producers have already reinvented themselves from growth-oriented explorers to dividend-payers. Large-cap companies are suited to survive and if smaller producers can consolidate they can weather the storm and profit down the road. Larger firms are also speeding up their own adaptations by focusing on power renewables as Canada mulls a national electrification strategy. How do companies and investors navigate this complex operating environment?
Interviewed by: Kevin Kerr, Partner, Blake, Cassels & Graydon LLP |
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| 11:20 am | Part 2: Bringing capital into the energy sector. Expenditures in Canada’s energy sector totalled $70 billion in 2019, 40% lower from a peak in 2014, with oil and gas extraction being the largest contributor. Significant investments are expected into the power generation and transmission, as the country seeks to decarbonize through electrification. For oil and gas, a pandemic induced drop in prices has sent institutional ownership in Canadian energy to a 5-year low. Energy now makes up 11 per cent of the TSX Composite index, down from the 20 per cent in 2018. Value investors may come into the sector as businesses seek to demonstrate the ability to generate enduring free cash flow streams and deliver burnished ESG credentials. The panel will examine ways in which to attract capital into the Canadian energy sector.
Interviewed by: Shawn McCarthy, Senior Counsel, Sussex Strategy Group |
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| 12:05 pm | Networking session
The networking reception will include a short discussion with our subject matter experts on Carbon Capture and Storage (CCS) technology in Canada and its prospects for widespread application. The reception will take place in ZOOM meeting format so that participants can ask questions of the panelists and chat with each other after the discussion. Kindly hosted by
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THURSDAY, MARCH 4 |
SUSTAINABILITY |
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| 9:45 am | Remarks by the Hon. Jonathan Wilkinson, Minister of Environment and Climate Change | |
| 10:00 am | How does Canada hit net zero emissions by 2050? Over 60 countries, including Canada, have pledged to achieve net-zero emissions within the next thirty years. Now that the government will be legislating Canada’s commitment to achieve this goal by 2050 opinions vary on what the path forward should be, especially when it’s unrealistic to expect a transition to a 100 per cent knowledge economy when the bulk of Canada’s wealth has been — and continues to be — driven by resources. Energy transition is expected to take decades and will come with growing pains, especially for regions who rely on oil and gas. This interview will examine what net zero means for Canada and how we get there.
Session chair: Bruce Lourie, President, Ivey Foundation |
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| 10:40 am | Energy system optimization. Electricity provides a tremendous potential competitive advantage in a world focused on carbon reduction. Canada has abundant capacity to create and distribute electricity, but remains a patchwork of systems improvised over time with disparate outcomes. The evolution of energy systems and integration of high tech solutions is creating rapidly growing markets for new products. Given this tension between legacy assets and disruptive technologies how do you ensure you the system at a whole provides value? The panel will examine what a holistic approach to electrification and energy system optimization looks like, including how we can best utilize existing assets and determine what is missing to ensure meaningful transformation in the Canadian energy sector.
Discussion led by: Jane Kearns, Vice President, Growth Services, and Senior Advisor, Cleantech, MaRS Discovery District |
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| 11:25 am | Best practices in Environment, Social and Governance (ESG). For many, the term “ESG” brings to mind environmental issues like climate change and resource scarcity. These form an important element of ESG but the term means much more. It covers social issues like a company’s labor practices, talent management, product safety and data security. It covers governance matters like board diversity, executive pay and business ethics. Investors are increasingly aligned through a desire to understand a company’s long-term value creation plan and receive credible, standardized information to support long-term risk assessments. But many corporates, even when they have a good story to tell and robust processes to manage ESG risk, are not giving investors the right information in the right format. The panel will provide straightforward steps that can bring the two sides together.
Discussion led by: Reinier Deurwaarder, Partner, Audit, KPMG in Canada |
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| 12:10 pm | Close by Jason Langrish, President, The Energy Roundtable
Programme is subject to change |
