08:04:56 EDT Mon 29 Apr 2024
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Cenovus Energy Inc
Symbol CVE
Shares Issued 1,868,419,172
Close 2024-03-04 C$ 23.70
Market Cap C$ 44,281,534,376
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Globe says Amazon, others see Alberta shun clean power

2024-03-05 07:43 ET - In the News

See In the News (C-AMZN) Amazon.com CDRs (CAD Hedged)

The Globe and Mail reports in its Tuesday, March 5, edition that Alberta is endowed with abundant resources. A Globe editorial says Alberta's natural resources are part of the reason it attracted almost all of the private capital invested in solar and wind power in Canada last year. In Alberta sellers of power can strike deals directly with buyers. This propelled renewable power, including in 2021 when Amazon agreed to buy the majority of the power from what would become the country's largest solar farm. That underpinned Amazon's plans to invest more than $3-billion at a new facility in Calgary and Alberta was dubbed the country's capital of wind and solar power. That ended last summer when Premier Danielle Smith's United Conservative Party halted solar and wind project approvals, saying the industry was growing too fast. The Globe calls it an attack on private business. It says it is an attack on landowners' rights. It is un-Albertan -- the exact opposite of the principles the province holds dear. The only certainty at present is fossil fuels will not face the same restrictions. Ms. Smith claims Alberta is "a natural-gas province." Favouring fossil fuels and slowing clean power is the UCP strategy.

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