ATCO and Canadian Utilities push Ottawa for clear policies to attract global investment in energy
Canadian Utilities Ltd.’s new chief executive, Bob Myles, has called on the federal government to provide policy certainty in the energy and power sectors to support global investment and economic resilience, according to The Globe and Mail.
Myles, who took over leadership of the Calgary-based utility on May 8, said Ottawa’s recent infrastructure-focused messaging was encouraging.
This came after months of uncertainty surrounding the future of Canada’s industrial carbon tax.
However, he said the federal government needs to act decisively to resolve lingering issues if it wants to attract international capital.
He highlighted global economic uncertainty, including US-imposed tariffs, as both a challenge and an opportunity for Canadian Utilities, the utilities arm of ATCO Ltd.
“Going to our neighbours to the south, it’s actually been helpful in a weird way,” Myles said, adding that current US instability has pushed Canada to focus on self-reliance.
He gave the example of ammonia shipments by rail from Alberta to the West Coast—critical to developing the hydrogen economy—as an issue that had previously stalled due to its link to fossil fuels.
“That wasn’t supporting where the former prime minister wanted to go, so it was really difficult to get anything done. Things were happening, but no one would make a final decision,” Myles said.
According to him, the situation in the US has pushed Canada to confront these challenges through collaboration.
“You can’t even transport materials from Saskatchewan into Alberta right now,” he said. He added that resolving such issues could make Canada “a lot stronger.”
During ATCO’s annual meeting in Calgary, CEO Nancy Southern said she expects current trade disputes, supply chain issues, inflation, and geopolitical tensions to persist or worsen.
“In these times, it seems that the only thing we can be sure of is that nothing stays the same,” Southern said.
She welcomed newly elected Prime Minister Mark Carney’s promises of “bold and decisive action,” including doubling Canada’s housing output, developing the nation into a global energy superpower, and opening new trade corridors.
“While political will has long been the stumbling block, the benefits of these corridors have never been clearer, and the support has never been greater,” she said.
Southern added that realising Canada’s energy potential requires greater domestic and export use of natural gas, given its low cost.
She described these ambitions as “imperatives of the highest order” and said, “now is the time for unity, resolve and unwavering execution, because the future of our nation demands nothing less.”
On energy transition, Myles noted opportunities for both ATCO and Canadian Utilities in hydrogen, ammonia, carbon capture and sequestration, and gas storage.
However, he warned that without clear direction from Ottawa, potential investors from countries like Japan and South Korea may favour alternatives such as the Gulf Coast or the Middle East.
“If we can move quickly as a country, I think we’ve got a great opportunity,” he said.
Myles also addressed Alberta’s growing energy potential, driven by population and resource development.
But he pointed to regulatory uncertainty, including the ongoing restructuring of the province’s power market and the recent freeze on Alberta’s industrial carbon price.
Premier Danielle Smith announced this week that Alberta’s carbon price would remain frozen at $95 per tonne indefinitely.
Myles viewed the continuation of the carbon price as positive.
“If you take that away – something that’s been in place since 2007 – what does that tell the investors outside of Alberta? It’s saying as soon as you have something in place, it could disappear tomorrow,” he said.
He acknowledged that the current rate might not be sufficient to advance certain emissions-reduction projects.
“At $95, is it sufficiently high to actually justify some of the projects? It’s debatable. It may need to be higher than that to do that,” Myles said.
