Summit Notebook

Welcome to the 2009 Global Energy Summit

June 1, 2009

A shroud of uncertainty hangs over world energy markets and industry due to the effects of the global downturn and an aggressive U.S. environmental agenda, making investment decisions in the space more difficult than they’ve been in decades.

Video – Gas prices likely to rise

June 1, 2009

Higher gas prices will likely be a thorn in the side of consumers who are starting to feel more optimistic about the U.S. economic recovery.

Russia’s helping hand for Fannie, Freddie

September 10, 2008

The head of Russia’s oil pipeline monopoly Transneft, which carries over 10 percent of the world’s oil supply to market, takes a charitable view of Russia’s oil output growth. At a time when oil prices are on the slide, and the OPEC group of oil producing nations is cutting production, he thinks energy-rich Russia must keep pumping more to help the world’s less fortunate consuming nations and their economies.

AUDIO – Power industry can’t keep up with the Joneses

September 9, 2008

slobodin3.JPGMikhail Slobodin’s Integrated Energy Systems, Russia’s largest private electricity investor, works in a tough industry: Prices for gas are rising, prices for coal are rising more. Russia’s growing economy needs power, and IES has heavy obligations to build new stations at a time when construction costs are soaring and credit is tight. Government price regulation leaves little room for profit.

AUDIO – Gazprom: Friends in high places

September 8, 2008

President Dmitry Medvedev is the former chairman of Russia’s state gas export monopoly Gazprom, and the company is viewed as a powerful instrument of the Kremlin’s foreign and domestic policy, but the company’s deputy chief, executive, Alexander Medvedev, says it is not so. 

AUDIO – Gazprom: “We are mutually dependent”

September 8, 2008

GazpromA quarter of the gas that heats European homes and powers European industry is piped in thousands of kilometres from the Russian tundra. By 2015, Russia’s share of European gas supplies will rise to at least one third. That powerful lever of influence over Europe’s economy raises the stakes in its confrontation with Russia over its invasion of Georgia.

Don’t blame me, OPEC chief tells daughter

June 10, 2008

If your father heads up the Organization of the Petroleum
Exporting Countries, you might feel entitled to some favours
when you fill up your tank.

Canadian energy reaches out to US presidential candidates

June 4, 2008

    By Jeff Jones

    Canada’s energy industry has reached out to both the U.S. Democratic and Republican parties to press its importance as a secure oil and gas supplier as candidates hone their energy policies heading into the November presidential election.
    Canada and the oil-producing province of Alberta have grabbed the attention of many U.S. voters as the oil sands have gained notoriety as a key source of crude imports and as environmentalists warn of the ecological costs.
    “We’ve had conversations with both parties in terms of where energy policy is going to go,” Pierre Alvarez, president of the Canadian Association of Petroleum Producers, told the Reuters Global Energy Summit.
    “In addition, you’ve started to see that a number of U.S. refiners, the labor unions and others, who are starting to see large investments proceeding in the U.S. to take Canadian crude, are part of that conversation as well,” Alvarez said on the day Barack Obama became the Democrats’ presumptive nominee.
    With oil prices surging above $120 a barrel and Americans paying unprecedented pump prices, encouraging imports from a friendly neighbor with massive reserves seems obvious.
    But Canadian energy executives and politicians were thrown for a loop last year when U.S. lawmakers passed legislation banning the federal government from using fuel sources with higher carbon content than traditional supply, putting oil sands use by big buyers like the military in question.
    Alvarez said that legislation was misunderstood by many, and he has been assured it is not intended to limit oil sands imports.
    “I think U.S. legislators are increasingly aware of the shortages of new supply opportunities, and the oil sands are part of it,” he said.
    “At this point there has been no action in the U.S. that would curtail exports to that market.”
    Environmental groups have intensified efforts to put the spotlight on the impact of frenzied oil sands development on land, air, water and wildlife in northern Alberta. The recent deaths of 500 ducks on a Syncrude Canada tailings pond grabbed headlines around the United States.
    So far, Obama and Republican rival John McCain have said little about Canada’s role in the U.S. energy mix.
    “Once the dust settles we get through the election period, my expectation is we will get a more policy-focused debate as opposed to a politically focused debate,” Alvarez said.

Meddle in commodity markets at your peril

June 4, 2008

       Politicians clamouring for action to bring down high
commodity prices should be careful what they wish for.

Energy boss sees red over green fridge

June 4, 2008

Running an energy exchange does not necessarily make it easy
to run an energy efficient household.