Teck backs out of Frontier oil sands project in Canada
Bloomberg: Teck Resources Ltd. is pulling its application for a controversial new oil-sands mine in Alberta, freeing Canadian Prime Minister Justin Trudeau from a political predicament. The company...
View ArticlePress release: IEEFA statement on Teck Resources decision to withdraw...
February 24, 2020 – Tom Sanzillo, Director of Finance for the Institute for Energy Economics and Financial Analysis (IEEFA), made the following statement today on Teck Resources’ decision to withdraw...
View ArticleIEEFA update: Teck’s withdrawal from Frontier oil sands project has...
CEO Don Lindsay of Teck Resources in Canada announced this week that his company was withdrawing from the environmental permit process for its $20-billion Frontier oil sands mine project. The business...
View ArticleControversial Keystone XL pipeline project still faces serious economic...
Omaha World-Herald: The Keystone XL pipeline has faced bureaucratic hurdles, court challenges and the determined opposition of environmental groups. But the biggest challenge to the project at this...
View ArticleBuffett’s Berkshire Hathaway pulls out of $7.1 billion Saguenay LNG project...
OilPrice.com: Warren Buffett’s Berkshire Hathaway has pulled out of a planned investment in the Saguenay LNG project in Quebec, Canada, suggesting that harder times are ahead for the country’s LNG...
View ArticleCanada’s largest solar project gets $500 million boost from major Danish...
Calgary Herald: Construction of Canada’s largest solar farm in Alberta is poised to proceed with the infusion of $500 million from a Denmark-based investment group. The decision by the world’s large...
View ArticleU.S. fracking giants prepare for repeat of 2016 collapse, expect little help...
Bloomberg: Two of the world’s biggest oilfield service companies are warning of a bigger shale crash than the one that hit the U.S. and Canada just five years ago. While the decline in North American...
View ArticleAnother delay for Keystone XL pipeline project
The Guardian: The controversial Keystone XL tar sands pipeline has been dealt a major setback, after a judge revoked a key permit issued by the U.S. Army Corps of Engineers without properly assessing...
View ArticleIEEFA update: Who would still fund a new coal power plant in India?
4 May 2020 (IEEFA India) ‒ The coronavirus pandemic and national lockdown has highlighted the growing financial risks to India’s coal-fired power plant sector, a technology being superseded by...
View ArticleInter Pipeline boosts expected cost of new petrochemical project in Alberta
The Canadian Press: Inter Pipeline Ltd. is warning that the cost of building its Heartland Petrochemical Complex has risen by about $500 million and its in-service date may be delayed due to factors...
View ArticleIEEFA Australia: Carbon capture and storage is a poor investment
2 July 2020 (IEEFA): Australia is pondering carbon capture and storage despite poor outcomes from the only two projects operating world-wide and a lack of revenue generated in lieu of a carbon price,...
View ArticleIEEFA update: Three major pipeline projects are scrapped in short order
Difficult and complex decisions are being made to reject the buildout of oil and gas pipelines in the United States and Canada. Long-term debates have finally come to a head, and three major pipeline...
View ArticleZurich Insurance pulls out of Trans Mountain pipeline project
Reuters: Insurer Zurich has decided not to renew cover for the Canadian government’s Trans Mountain oil pipeline, said a spokeswoman for the project, which is opposed by environmental campaigners and...
View ArticleIEEFA report: China unlikely to come to rescue of overbuilt U.S. LNG industry
July 29, 2020 (IEEFA) — A rebound of the ailing U.S. liquefied natural gas (LNG) industry isn’t likely to come from Chinese demand, according to a new study by the Institute for Energy Economics and...
View ArticleTotal takes $8.1 billion charge largely due to Canadian oil sands investments
Reuters: France’s Total said on Wednesday it will take an $8 billon impairment on the value of its assets, mainly in energy-intensive Canadian oil sands projects after the energy group slashed its oil...
View ArticleIEEFA update: T&D agreement for Puerto Rico power grid sets off alarm bells
August 4, 2020 (IEEFA U.S.) – In testimony submitted to the U.S. House Committee on Natural Resources, IEEFA’s director of finance Tom Sanzillo warned of significant problems with a recent agreement...
View ArticleExxonMobil warns of possible 20% writedown in oil and gas assets
Bloomberg: Exxon Mobil Corp. warned that low energy prices may wipe as much as one-fifth of its oil and natural gas reserves off the books. If depressed prices persist for the rest of the year,...
View ArticleIEEFA U.S.: Ratepayers face risks with Project Tundra’s retrofit of aging...
September 22, 2020 (IEEFA) — A plan to retrofit an aging coal-fired plant in North Dakota with unproven carbon capture and storage technology is likely to raise rates for customers who get electricity...
View ArticleS&P: Natural gas demand likely to fall 2.5 percent in North America over next...
Platts: Over the next decade, global natural gas demand will grow at a slower pace as the industry responds to emerging financial and policy pressures brought on by the coronavirus pandemic. A broad...
View ArticleRBC limits future lending for coal plant development, Arctic oil projects
The Canadian Press: Canada’s largest bank is putting new restrictions on lending to some fossil fuel developments. In a policy released Friday, RBC says it won’t lend money to new coal-fired power...
View Article