🏠︎ Back to Energy Council Calgary

This preview is part of the Industry Report: A Critical Moment for Canadian Energy, based on discussions held at the Energy Council Calgary Advisory Board where Waterous Energy Fund, Arc Financial Corp, Arc Pure Energy, SAF Group, Longwing Capital and others met to discuss the industry’s key priorities for 2026 and beyond, including geopolitics, gas, carbon management, and the energy transition.

In this snippet of the report, we examine how Alberta’s long-life resource base, evolving market access challenges, and shifting global investor expectations are shaping Canada’s position in North American energy supply

Calgary – The conversation around internal political tensions and inconsistent messaging evoked the most candid discussion of the day.

According to Energy Council Calgary Advisory Board, political friction and inconsistent national messaging is affecting how international investors perceive Canada. Interprovincial disputes and sharp political rhetoric were described as creating uncertainty that extends beyond individual projects. Participants openly discussed frustration within Alberta regarding federal policy direction. While not a universally held position, notions such as provincial separation or closer alignment with the United States were raised, illustrated an industry with competing views. 

The advisors agreed that clearer federal and provincial coordination would materially improve confidence and reduce perceived risk. 

Consolidation Driving Growth 

Industry consolidation was discussed as both a structural shift and a sign of recovery. The board noted that recent transactions have improved efficiency and capital allocation by concentrating assets within stronger operators. However, this raised concerns around workforce impacts and retention of skilled labour. Meanwhile, increased asset trading and renewed development activity were interpreted as evidence of returning confidence. Consolidation was viewed as reshaping the industry and potentially strengthening competitiveness if balanced with long term workforce stability. 

It was noted that consolidation has significantly reduced the number of publicly listed Canadian energy companies. With investor interest in Canadian assets improving, questions remain as to whether conditions may support the reopening of the IPO and public listing window. While investment banks have begun discussing this possibility, management teams remain cautious about returning to public markets. It was suggested that broader industry dialogue could help rebuild confidence in public listings as a viable pathway for future growth.

Egress and Market Access

Market access remained one of the most urgent topics throughout the session. Producers require certainty around end markets before committing capital. Without that confidence, development slows regardless of commodity price. Export capacity, particularly LNG, was repeatedly described as transformative. Access to international markets would diversify demand and improve pricing stability. Coordinated development of pipelines, terminals and export infrastructure was viewed as essential to unlocking upstream growth. Resolving egress constraints was considered one of the clearest levers for increasing investment. 

Policy and Energy Security 

Participants discussed energy policy in both economic and security terms. Reliable supply and decarbonisation were viewed as complementary objectives rather than competing priorities. 

When asked what role Canada should play in supporting energy security, several participants emphasised the importance of the word “allied”, noting that Canada is well positioned to supply responsibly produced energy to partner countries seeking stable and politically aligned suppliers. Government participation in de-risking major projects, through policy clarity or supportive mechanisms, was identified as a pathway to encouraging private investment. The discussion returned repeatedly to the view that energy exports represent not only an economic opportunity but also a strategic one. 

Continue reading…

Looking Ahead

Canada’s energy sector is well positioned in terms of resources and capability, but its ability to attract sustained global capital is being constrained by inconsistent policy signals. Participants stressed that clearer policy direction and more predictable regulatory processes are needed to support long-term investment decisions. Greater policy certainty, together with improved market access and coordination across jurisdictions, will be key to unlocking Alberta’s potential and reinforcing Canada’s role in global energy markets. 

On 12 May, the Board’s guidance provides a clear framework for the programme. The priorities and themes identified will shape the agenda and discussions, ensuring the forum focuses on the policy, investment and market access actions required to advance the sector over the coming years. 

Contact information: 
Eleanor Lawrence – Portfolio Director, Americas | Energy Council 
Email: [email protected]