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February 2010

Ally

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News articles for February 2010.
 

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Wrecking ball will smash power plants

EDMONTON — Epcor plans to start demolishing five of the 10 former Rossdale power plant buildings this summer as it continues to look at what else can be done with the area.

Work will start inside the 1960sera structures before they`re torn down in 2011, creating a nearly one-hectare public green space along the North Saskatchewan River, says Geoff Wagner, Epcor`s director of Rossdale decommissioning.

"They have really reached the end of their useful life," he said Friday.

"We have committed to our community that we`re not going to bring power generation back to this site, so the buildings have no use."

The project, which will employ up to 30 people, is scheduled to wrap up with grading in the summer of 2012.

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Heartland is key to bitumen plan

EDMONTON — The province`s new push for more value-added products from bitumen will start in Alberta`s Industrial Heartland, with long-term plans for an integrated cluster of chemical industries, a senior energy official says.

Mike Ekelund, assistant deputy minister, said Friday that "several" proposals have been received for upgrading and refining projects that would use a share of oil under Alberta`s new bitumen royalty in-kind (BRIK) program. He told the Heartland association`s annual regional stakeholder meeting that a detailed review will begin immediately and a decision is expected by May.

"But the guidelines are clear, that processing of the bitumen has to take place in Alberta, and the Industrial Heartland is the preferred location."

Energy Minister Ron Liepert, on his first outing since being named energy minister two weeks ago, praised the Heartland group as a key force in promoting Alberta`s need to do more than simply ship its bitumen out of the province.

Liepert said he is on a "steep learning curve and I am about five per cent of the way" as new energy minister. At the moment, the province`s competitiveness review for the conventional oil and gas industry is his focus.

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Province gears up to lead country in auto sales growth

Alberta will haul itself out of the auto doldrums this year to once again lead the nation in car and truck sales, according to a new report by Scotiabank.

The expected hotfooting to truck

dealers will come on the heels of rebounding activity in the oilpatch, pushing up sales in Alberta and B.C., report author Carlos Gomes said Friday.

"Oil and gas activity is really what tends to drive the big changes in the vehicle sector in Alberta," Gomes told the Herald. "Normally, the key driver is what`s happening to employment, and in the Alberta market the key driver is the drilling activity, which is obviously a big factor in terms of employment."

Although new vehicle sales stalled in the province and in Calgary last year while owners sunk money into maintenance rather than extras, a substantial gain in oil prices and forecast 12 per cent increase in drilling activity bodes well for the industry, experts said.

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Stelmach handed chance to score

The latest iteration of a panel looking into the competitiveness of Alberta`s energy sector, expected to be submitted sometime next week, is Premier Ed Stelmach`s last chance at getting it right.

But, if the whisper factor proves correct, what`s expected to be put in place in terms of a new fiscal framework should go a long way to addressing the concerns of Alberta`s energy players, who have been decidedly grumpy since the first royalty changes were announced in fall 2007, not to mention the four that have followed.

Some of this cautious optimism might be thanks to the efforts of many energy types of a certain vintage -- who are also tied into the provincial Tory infrastructure -- spending time with Stelmach trying to bring him up the learning curve.

It`s fascinating that many of these corporate players would never be allowed a window of more than 2 ½ years -- which is what Stelmach has had -- to get the business they are running. They would have been turfed long ago, and yet the premier has been given that very margin to figure things out. But such is the difference between the political and corporate worlds.

If Stelmach gets it, then it`s good news for the hard work put in by two respected members of Calgary`s business community -- ex-RBC investment banker Chris Fong and former Nexen vice-president Roger Thomas -- who have spearheaded the effort.

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Calgary energy profits poise to rise; financial reports begin this week

CALGARY - Riding stronger oil prices, Calgary`s energy sector is expected to start pumping out improved profits in financial results that begin in earnest this week.

Higher crude prices are expected to help boost oil producers` bottom lines, but natural gas producers and refiners will be stung by weak markets and lower margins, analysts say.

Canada`s biggest integrated energy companies -- Suncor Energy and Imperial Oil -- report Tuesday, setting the tone for third-quarter financial results over the next month.

It will be the first quarter where oilpatch earnings start to gain positive momentum, beating the previous quarter as well as last year, analysts say.

"A lot of these companies just want to put 2009 behind them and look forward," said Justin Bouchard, an analyst with Raymond James in Calgary.

"Generally, 2009 was a tough year for everybody."

Oil prices averaged about $76 US a barrel in the fourth quarter, nearly 30 per cent above the same period in 2008 when the global recession started to take hold as commodity prices started tumbling on falling demand.

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Calgary housing market extends gradual recovery

CALGARY - Home sales and prices in Calgary continue to make gains, marking another rise in January.

But the housing market slowed slightly from December`s pace, according to figures released Monday by the Calgary Real Estate Board.

The city`s housing market is expected to continue a "gradual and modest" recovery, one official said, helped by low mortgage rates and more affordable prices coaxing buyers into the sector.

"Just one year ago, we were facing record low sales and more than 10 months of inventory," board president Diane Scott said in a release.

That makes for dramatic year-over-year increases in sales figures, she noted.

"But all in all, sales this month are moving closer to the range we would expect this time of year."

Analysts expect the Bank of Canada to start raising interest rates from historic lows this summer, once a still-tentative economic recovery takes a firmer hold.

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Christmas gains for coal bad news for gas

North American coal producers had two early Christmas presents last week. The first, direct from Copenhagen, Santa delivered a fuzzy and inconclusive outcome on limiting carbon emissions. For the coal industry the vague accord that capped the COP 15 conference was a bit like the gift that they already knew was in the box; it just had to be formally unwrapped. But the bigger surprise gift in the stocking was a rapidly rising natural gas price.

In today`s mega-battle for primary energy market share, the biggest threat to coal doesn`t come from cleantech stalwarts like wind and solar. Neither of those two renewables can easily substitute for the cheap and steady `base load` power that coal can offer 24-7, rain-or-shine, night-or-day, cold-or-hot, wind-or-no-wind. On the other hand, a power plant burning natural gas can offer all the same utility attributes as coal. As well, the simple hydrocarbon molecule in "nature`s gas" is much more emissions friendly than its carbon-burdened rival coal.

The primary objections to embracing natural gas more widely in North America have been questions about its long-term domestic availability, and its price volatility. Those doubts – amplified earlier this decade with a series of winter price shocks – had begun to wane over the past two years as abundant new reserves of `unconventional` natural gas were starting to prove to electrical utility executives and government policy makers that natural gas can be a cheap, clean, secure and stable fuel of the future. Indeed, in a world where carbon emissions and energy security still compete for the top spot on the political agenda, natural gas was starting to show itself as the solution that offered the ideal balance.

Natural gas still does offer the superior solution, but price volatility remains the attractive fuel`s worst enemy. Consumers despise price spikes and uncertainty about how much they will have to pay for their energy in future. So, you can be sure that factions battling natural gas in the primary energy market, namely the coal and renewable industries, are cheering the recent run up in natural gas prices.

Cold weather combined with a gentle tightening of the core supply-demand balance are the reasons why North American natural gas prices have come off their lows of around $2.00/MMBtu in August, tripling to almost $6.00/MMBtu last Friday.

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Clean up oilsands` image: Prentice

Federal Environment Minister Jim Prentice served notice Monday that energy companies and the Alberta government must improve their environmental vigilance -- along with Canada`s reputation -- on oilsands development and better communicate those efforts worldwide.

In a speech to Calgary business leaders, Prentice also said Canada won`t adopt a federal cap-and-trade program or implement specific regulations for certain industries, such as the oil and gas sector unless the U.S. -- the country`s largest trading partner -- decides to go that route.

"Our determination to harmonize our climate change policy with that of the United States also extends beyond greenhouse gas emission targets. We need to proceed even further in aligning our regulations," Prentice said.

"We will only adopt a cap-and-trade regime if the United States signals that it wants to do the same. Our position on harmonization applies equally to regulation," he added.

"Canada can go down either road -- cap-and-trade or regulation -- but we will go down neither road alone."

But Prentice`s speech was very much focused on the oilsands and the need for industry and the Alberta government to work with Ottawa to improve Canada`s environmental reputation.

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Greener natural gas takes on coal

Call it the battle of the fossils. Natural gas, long a second-class citizen in U.S. energy circles, is on a roll now that technology has added dramatically to the quantities available. On the numbers, gas has a case for getting a lot more attention. Old biases and coal`s political clout stand in the way.

In terms of reserves, coal`s advantage has shrunk sharply. The United States still has more than 200 years` supply. Its 800 billion tons is equivalent to three times the oil reserves of Saudi Arabia in terms of energy value. But new drilling techniques for gas have sharply narrowed the gap by unlocking huge shale deposits. That has boosted reserves by a third and spawned deals like Exxon Mobil Corp.`s US$31-billion agreed purchase of gas group XTO Energy. Some respectable estimates now give the United States 100 years of gas supplies.

Increased supply may also be helping reduce price volatility, another historical drawback of gas. Traditionally about five times more volatile than coal, the gas price more recently has both fallen and seemed to stabilize. Navigant, a consulting group, reckons the price advantage of coal in electricity generation has closed from 40% in early 2008 to 20% or less now.

That still makes natural gas pricier than coal. But gas has an environmental trump card. It produces only half the carbon dioxide emissions of coal, and there is no need to chop off mountain tops to extract it. Technology to reduce emissions from coal by trapping carbon dioxide may not be commercially viable for a decade.

That makes gas more attractive as a first-choice fuel. But it still needs a legislative nudge to make the economics work even better. A relatively low carbon tax or equivalent of US$14 or less per ton could do it, according to the Center for American Progress.

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Edmonton Home listings nearly double

Just as Edmonton-area home sales slowed from December`s pace and overall prices dropped, the number of new listings doubled for the month as homesellers returned to the market.

There were 2,199 residential listings added during January, up from 1,118 new listings in December, according to figures released Tuesday by the Realtors Association of Edmonton.

"The message is getting out that we are seeing some lower inventory as well as larger buyer demand," said president Larry Westergard.

"They see that there are people that are interested and they do have a market for their property."

He also knows some sellers who had been waiting for notice from builders that their new homes were nearly ready.

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Oilsands set to continue flowing south

Oilsands will continue to be needed to meet growing energy demands, with thermal recovery schemes taking over from mining operations, industry officials said at a conference in Calgary.

At the same time, heavy oil and bitumen volumes will travel south to existing refineries, boosting demand for diluent, an agent used to enable the sticky resource to flow on pipelines.

In the past 18 months, the price differential between heavy and light oil has narrowed to around $10 per barrel from $25, squeezing refinery margins and pushing back upgrading projects.

The list of oilsands projects has been increased in the past month unaccompanied by a similar number of upgraders, analyst Stephen Fekete, with Purvin and Gertz, said Tuesday.

Fekete noted that while production from the oilsands will be growing, upgrading and refinery capacity in Alberta is not.

"The list of projected upgraders is as long, but with the exception of a couple, most remain deferred or cancelled," he told an audience at the Insight conference.

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Prized Calgary Currie Barracks lots to go on sale

CALGARY - It`s one of the most highly anticipated residential urban developments in Calgary and on Thursday sales are expected to begin for a small number of lots at the Currie Barracks.

It`s all part of the first phase of a major redevelopment at the former military site that proponents say will create a marquee place to live and work. It`s also a major step in the conversion of the former CFB Calgary.

A small number of upscale "estate" lots for yet-to-be built homes are expected to go on sale Thursday, with another 37 single-family residential lots due to hit the market on Friday, according to Jonathan Allen, vice-president of investments with Unity Builders Group, which has about a third of those lots.

The prices for the properties are expected to range from $700,000 and up with the estate properties starting at about $1.6 million.

The project is also significant because it`s received the gold certification for Leadership in Energy and Environmental Design Neighbourhood Development. The prestigious designation is for sustainable development and the Currie Barracks project was the first to receive the distinction in Canada.

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The Impact of Illegal Drug Operations on Housing
Please download the pdf below for information on the impact of drug operations on housing. Provided by the Fraser Valley Real Estate Board.

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1_A_White_Paper_Kelvin_Neufeld.pdf ( 310.81K )
 

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Alberta sheds jobs in January

EDMONTON — Alberta`s unemployment rate held steady at 6.6 per cent in January, as job losses were offset by fewer job seekers, reported Statistics Canada Friday.

After gaining nearly 27,000 jobs in November and December, the province shed jobs again in January.

Alberta gained 6,300 full-time jobs, while part-time employment fell by 13,900 people for a net loss of 7,600.

But the size of Alberta`s labour force dropped at the same time by 8,700 people.

"They simply stopped looking for work or ... they moved to another province," said ATB Financial senior economist Todd Hirsch.

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Alberta throne speech promises economic recovery

EDMONTON — The Stelmach government promised Thursday to lay the groundwork for Alberta`s economic recovery, with a throne speech that emphasized rebuilding the province`s relationship with the energy industry and defending the reputation of the oilsands on the international stage.

The government`s first priority will be its Competitiveness Act, a law intended to ensure Alberta`s business climate is competitive globally.

The proposals would tie in with the province`s competitiveness review of the oil and gas sector.

The review, which is expected to overhaul energy royalties and retool regulations and taxation, won`t be released until Tuesday`s provincial budget at the earliest.

"It`s going to be a global focus," Premier Ed Stelmach said.

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Oil sell-off "way overdone," analyst says

OTTAWA — Oil dipped below $70 US Friday, joining a major sell-off in commodities that carried into its second day as a growing European debt crisis and a withering global recovery sent investors to the security of the U.S. dollar.

It was the second day in a row that the Reuters/Jefferies commodity price index has lost more than two per cent of its value.

After falling almost five per cent Thursday, oil was off another four per cent Friday, dipping briefly below $70 US a barrel, a level not seen since late September.

Over the two-day stretch, March oil futures traded on the New York Mercantile Exchange have lost $6.04 to close Friday at $71.19 US. Crude has lost more than 16 per cent of its value since trading at $83.75 on Jan. 6.

"In my view this is all way overdone," said Scotiabank commodities specialist Patricia Mohr.

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Edmonton Motorists urged to beware LRT test runs

EDMONTON - The LRT will begin creeping down the track from South Campus to Century Park station at a walking pace Monday morning, but eager riders beware: the trains won`t be officially running until April.

"I`m sure I`ll get lots of calls," said Graeme McElheran, a spokesman on LRT construction for the City of Edmonton. "Yes, it`s exciting," he said. "But it doesn`t mean the trains are running yet."

McElheran is worried riders who see trains on the tracks might start waiting for a train at Century Park that never shows up.

Motorists travelling east or west and planning to cross the tracks Monday morning should be prepared to wait as inspectors walk alongside the train, checking the electrical circuits and the clearance height. It marks the beginning of a several-months-long testing phase, said McElheran.

When the train is officially open for riders, it will reach speeds up to 70 kilometres per hour carrying passengers down the track. It`s limited to 50 kilometres per hour within city neighbourhoods.

"We`re talking about public transit," McElheran said. "It has to be foolproof."

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Olympics no golden economic opportunity

In less than a week, the eyes of the world will turn to Vancouver, and the 2010 Winter Olympic and Paralympic Games.

It will be a proud moment for Canada`s vibrant West Coast metropolis, which began its long quest to host the glitzy 16-day athletic spectacle a dozen years ago.

Nearly a quarter of a million visitors are expected to descend on Vancouver and Whistler, the posh mountain resort 90 minutes north of the city where most of the major ski events will take place.

The flood of humanity will include some 12,000 media, nearly 7,000 athletes, 34,000 Olympic sponsors, 16,000 police officers, Armed Forces and other security personnel, and of course, tens of thousands of excited, flag-waving fans.

Some three billion TV viewers worldwide are expected to tune into the Games, which will be broadcast on the NBC network in the U.S. and CTV in Canada.

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BP Chief speaks up for Alberta

Canada`s embattled oilsands have earned a high-profile vote of confidence from BP PLC chief executive Tony Hayward, who downplayed concerns about his company`s recent investments in the carbon-intensive fuel source and expressed doubt that proposed U.S. import restrictions will ever come to pass.

"The likelihood of the U.S. army not using a secure local supply of energy is quite low," the head of Britishbased petroleum giant told the Guardian newspaper. "Canadian heavy oil is going to be a very important part of America`s energy."

Hayward did take a shot at some of the more environmentally damaging means of extracting usable fuel from the oilsands, highlighting what he characterized as BP`s cleaner strategy for tapping the controversial Canadian energy source.

"BP has never been in the strip-mining of the tarsands and never will be," he said in the interview.

"We are focused on so-called steam-assisted gravity drainage, which is much more akin to conventional reservoir engineering . . . therefore the environmental footprint on the ground is no more or worse than normal oil or gas operation."

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