This week, our guest is Eric Nuttall, Partner and Senior Portfolio Manager at Ninepoint Partners. Eric manages the Ninepoint Energy Fund (NNRG) and the Ninepoint Energy Income Fund (NRGI).

Here are some of the questions Peter and Jackie asked Eric: How would you compare investing in Canadian oil and gas producers versus U.S. companies? Do you still believe Canada is undervalued relative to the U.S., as you did when we spoke a few years ago? With OPEC announcing on September 7, 2025, that it will add even more supply to the market, why are oil prices remaining so resilient, and what is Saudi Arabia’s strategy? What are your expectations for North American natural gas prices, particularly in Canada, which has experienced exceptionally weak pricing this year? Canada has seen a wave of consolidation in the oil patch—how do you view corporate consolidation in this context? You have long advocated for oil and gas producers to buy back shares, but if Canada succeeds in building new export pipelines for oil and gas, would you support companies growing production to create value rather than relying solely on buybacks? How can new export pipelines be built if investors continue to prefer buybacks over growth? Finally, do you believe Canadian oil and gas companies still trade at a “green discount” due to climate policies that burden the sector?

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After a summer break, Peter and Jackie are back with their weekly podcast. This week, they catch up on the events and news headlines from the summer, including:

• Geoeconomics – recap examples where countries use economic tools to influence foreign affairs – as well as more moves towards state capitalism by the United States, where the government exercises more control over institutions and companies.
• Canadian oil patch M&A news.
• Updates regarding the federal government’s Bill C-5 and its plans for advancing nation-building projects.
• Tariff negotiation tactics, including news that Canada is removing countervailing tariffs on the United States.
• The United States is exerting more influence over the International Energy Agency (IEA), with the organization planning to reintroduce the Current Policies Scenario in the next World Energy Outlook to be released in the fall of 2025.

Content referenced in this podcast:

• CTV, “Hodgeson ‘hopeful’ first batch of major projects announcements to start in the fall” (August 20, 2025)
• Calgary Herald, “Varcoe: Carney has opened the door to Canadian LNG exports — one closed by Trudeau government, says Liberal natural resources minister” (August 27, 2025)
• The Vassy Kapelos Show, “I know there are buyers: Federal Energy Minister bullish on LNG as a nation-building project” (August 12, 2025)
• Oilprice.com, “Republicans Move to Cut U.S. Funding for the IEA” (July 24, 2025)
• E&ENEWS by Politico, “Trump team pushes for ouster of top IEA official” (August 7, 2025)

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This week on the podcast, Jackie and Peter start by talking about Jackie’s recent op-ed in the Globe and Mail, titled “Yes, absolutely – Canada needs more oil and gas pipelines to our coasts,” also available on the ARC Energy Research Institute website.

Next, Peter and Jackie review the fundamentals of oil prices, the muted effect of the 12-day Iran-Israel war, and why oil prices have been creeping up despite weaker short-term fundamentals. Peter argues that the growing importance of “geoeconomics” - where countries use economic tools to influence foreign affairs - means that predicting oil prices will no longer be just about counting barrels. In the future, one of the most significant factors shaping oil markets will be the geoeconomic strategies of nations, including actions such as sanctions, tariffs, and withholding supply.

Finally, Jackie and Peter discuss President Trump’s recent letters to numerous countries threatening higher tariffs effective August 1st, including a letter to Canada with 35% tariffs on Canadian goods. Washington also introduced global copper tariffs.

This is the last podcast before a break; the podcast will resume at the end of summer.

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The President of the United States signed the “Big, Beautiful Bill” into law on July 4th. The new legislation brings big changes to the future of U.S. clean energy development. It reduces many (though not all) of the Biden-era subsidies from the Inflation Reduction Act of 2022 (IRA).

This week on the podcast, our guest is Mike Carr, Executive Director at SEMA Coalition—an organization supporting the U.S.-based solar supply chain. Mike has extensive experience in U.S. federal energy policy, including past positions at the Department of Energy and the U.S. Senate Committee on Energy.

Jackie and Peter asked Mike: How would you characterize the Bill’s impact on U.S. clean energy, and what damage has it caused? At a high level, does this major policy shift lessen the appetite for investment, even in areas where subsidies remain, due to concerns about political uncertainty? For clean technology manufacturing, such as solar panels, do the newly introduced restrictions on Foreign Entities of Concern (like China) regarding content, intellectual property, and investment make it more challenging to qualify for the production tax credit (45X)? Renewable energy projects that commence construction within a year of the Bill’s passage can still be eligible for subsidies for the following four years; does this create a construction boom, and what happens afterward? Given China’s dominant position in manufacturing many types of clean energy technology, how should the U.S. compete? Is it better to leapfrog China with innovation, rather than simply following and producing the same technology?

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This week, our guest is Mark Maki, Chief Executive Officer of Trans Mountain Corporation. The original Trans Mountain pipeline was built in 1953, and the Expansion Project was completed just over one year ago, nearly tripling the pipeline’s capacity to 890,000 B/d (from 300,000 B/d).

Here are some of the questions that Jackie and Peter asked Mark: How much do you expect to pay your shareholder (the Canadian Government) in 2025 and 2026? What are the logistics of moving the oil by tanker? Where are the tankers going, and what type of crude is shipped in the pipeline? How has the pipeline improved Canadian oil prices? What is the expected timing for a resolution on the tolls, as a Canadian Energy Regulator (CER) hearing is currently underway that could adjust the cost for shipping oil? What is the potential to increase pipeline flows, and is there potential for a northern leg as proposed in the early days of the expansion? The Federal Government has stated it plans to sell the pipeline; do you have any updates on that and the potential timing? What are your thoughts on Bill C-5 and the potential for this type of legislation to avoid the high costs and many delays faced by the Trans Mountain Expansion?

Content referenced in this podcast:

• Globe and Mail, “Trans Mountain expects to pay federal government $1.25 billion in 2025” (May 2025)
• Financial Post, “Canada must maximize existing pipelines before building more, Guilbeault says” (May 2025)
• Financial Post, “Northern Leg to Trans Mountain pipeline attracts interest amid brewing trade war” (February 2025)

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This week, our special guest is Daniel Yergin, Vice Chairman of S&P Global and Chairman of S&P's CERAWeek conference. Daniel is the Pulitzer Prize-winning author of “The Prize: The Epic Quest for Oil, Money, and Power”. His most recent book is “The New Map: Energy, Climate, and the Clash of Nations”.

Please note that the interview with Daniel Yergin was recorded on June 11th, before the Israel and Iran conflict began on June 13th, 2025.

Here are some of the questions Peter and Jackie asked Daniel Yergin: Why did you describe the energy transition as troubled and in need of a pragmatic path forward? Do you believe there is a growing consensus that the “fast energy transition” scenario is unrealistic? Do you anticipate Europe softening its green policies and subsidies or extending timelines for net-zero goals? How do you foresee the trade war and competition between the G2 (the United States and China) evolving? How dominant is China in clean energy, and what implications does this hold for the United States' ability to compete? What is OPEC’s motivation for reintroducing supply to the market during a period of weaker demand? What strategy would you recommend for Canada to address US trade pressures and potential annexation threats?

Content referenced in this podcast:

• Foreign Affairs, “The Troubled Energy Transition: How to Find a Pragmatic Path Forward” by Daniel Yergin, Peter Orszag, and Atul Arya (April 2025)

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This week on the podcast, we discussed Jackie’s recent visit to St. John’s, Newfoundland and Labrador, to attend the Energy NL conference. Energy NL is the province’s energy supply and service sector association, which annually hosts the province’s flagship conference on conventional and clean energy.

This week, Charlene Johnson, Chief Executive Officer of Energy NL, joins the podcast to explore Newfoundland and Labrador’s energy potential and the discussions at the conference. Among the topics covered were potential nation-building projects, such as the Churchill River hydroelectric development—a joint $33 billion potential initiative by Newfoundland and Labrador Hydro and Hydro-Québec that aims to add nearly 4 GW of new electricity generation capacity on the river. Another significant project discussed was Equinor’s Bay du Nord offshore oil development, which could open a new offshore basin 500 km off the coast of Newfoundland.

In addition to covering the conference highlights, Jackie and Peter recapped the past week’s events, including the constructive First Ministers’ meeting in Saskatoon on June 2nd. During this meeting, Prime Minister Carney outlined the criteria for nation-building projects. Furthermore, on June 6th, the Carney government tabled new legislation, “Bill C-5: One Canadian Economy: An Act to enact the Free Trade and Labour Mobility in Canada Act and the Building Canada Act.” The goal is to pass the bill into law by Canada Day.

Content referenced in this podcast:

• Visit Peter Tertzakian's art show at the Elevation Gallery in Canmore, “Persistence, Obsolescence and Renewal: A Visual Inquiry Into the Lifecycle of Energy Infrastructure.”
• Alberta Electricity System Operator (AESO) approach to extensive load connections (Data Centres), June 4
• Avik Dey, President and CEO of Capital Power, LinkedIn post regarding AESO’s approach to data centre development, June 4
• Prime Minister of Canada Office, “First Ministers’ statement on building a strong Canadian economy and advancing major projects,” June 2
• “Bill C-5: One Canadian Economy: An Act to enact the Free Trade and Labour Mobility in Canada Act and the Building Canada Act,” tabled June 5
• “Insiders say Mark Carney could compromise on the emissions cap,” Toronto Star, June 6

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North American electricity demand is growing fast, driven by the increasing presence of data centers, as well as other load growth. In Alberta alone, the AESO has reported about 12 GW of requests for load grid connections from data centers.

This week, our guest is Josh Schertzer, Chief Executive Officer at Beacon AI Centers, which recently announced plans to develop up to 4.5 GW of AI data centers in Alberta, representing an investment of up to C$10 billion.

Here are some of the questions that Jackie and Peter asked Josh: Should Albertans be concerned about this substantial load growth and the potential for associated higher electricity prices, given that 4.5 GW would account for nearly a 50% increase in current average provincial demand? Can data centers introduce flexibility by curtailing demand during periods of power shortages? Will Beacon AI Centers rely on grid electricity, or will they build their own generation sources? Do the clients of data centers, such as major IT companies, view natural gas as an acceptable energy source, considering its greenhouse gas emissions? How much cooling water is required, and could freshwater availability become a growth constraint? Lastly, what is the employment impact of the projects, including construction, operations, and spin-off jobs associated with establishing a data center hub?

Content referenced in this podcast:

• Globe and Mail, “Carney to brief premiers on plan to fast-track major nation building projects” (May 29, 2025)
• The Logic, “Calgary firm eyes $10B AI data centre building blitz” (May 15, 2025)
• Duke Nicholas Institute for Energy, Environment & Sustainability, “Rethinking Load Growth: Assessing the potential for integration of large flexible loads in US power systems” (February 2025)

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