The global competitiveness of Canada's energy sector was front and centre at the 10th annual National Energy Roundtable conference in Toronto. A packed house of business leaders, innovators and policymakers shared their strategies on what is most needed to make Canada a global supplier of choice for energy security.
Bennett Jones was the presenting sponsor of the conference. Leaders from the firm's Energy Group spoke and moderated panels covering:
- How to advance major energy projects in Canada
- The role of LNG in the energy transition
- Energy as Canada's trump card in a volatile world
Here are the key takeaways.
Advancing Major Projects
Geoffrey Stenger, Head of Bennett Jones' Industry Infrastructure team, moderated a discussion on what needs to be done to accelerate major projects. Panelists said:
- Regulatory uncertainty remains the key roadblock to investment decisions on energy project development in Canada. Uncertainty must be reduced to make the country more competitive.
- The Major Projects Office (MPO) is a step in the right direction, but more is needed. Proponents need to have objective, quantifiable criteria on how projects are identified as a priority by the MPO and once identified, details on how the current process is being improved.
- The Canadian labour force is highly skilled and up to the job, but it must be used productively. Regulatory uncertainty leads to construction delays, cost uncertainty and supply chain hold ups.
- Canada's energy resources are secure and sustainable—and its expertise and institutions are very strong. These are major advantages internationally.
- We control our own fate in energy competitiveness—but need to execute on a winning strategy and do it now.
The Impacts of LNG
Patrick Maguire, Vice Chair and Partner at Bennett Jones, moderated a panel on how LNG exports can bolster Canada's prosperity. Panel members told the audience:
- Canada is well placed to contribute to global LNG demand—it has ample gas reserves, competitive gas prices and a shorter distance to markets.
- Producers participating in the LNG value chain are able to maximize the value of their gas.
- Haisla's experience as a majority owner of Cedar LNG, and as host of the LNG Canada project, provides strong examples for Indigenous participation in the Canadian LNG industry.
- While four west coast LNG projects are at various stages of development, regulatory delays, cost escalation and a competitive global market risk threatening Canada's ability to optimize its opportunities.
How Energy Can Shape Canada's Role in the World
John Baird, Senior Business Advisor at Bennett Jones, joined Stephen Lecce, Ontario's Minister of Energy and Mines, for a fireside chat on whether energy and resources are Canada's trump card in a turbulent world. John is a former federal Minister of Foreign Affairs and a former Minister of Energy in Ontario (among other portfolios). John said that:
- Regulatory processes need to be transformed, not just made better. Canada needs to be more ambitious in advancing major projects.
- Canada has to prove to the market that major projects—such as transmission lines to Ontario's Ring of Fire—can be built. This would be a bargaining chip with other countries.
- To get some certainty on trade, the federal government could try to move up the 2026 deadline for the renegotiation of the Canada-United States-Mexico Agreement. Big decisions are being made now on where to locate industrial operations. US trade needs to be a top priority.
- Canada has made some good first steps in repairing its relationships with China and India. Improving our relationship with Saudi Arabia would also be positive.
- Canadian businesses need to seize on new trade opportunities through the Trans-Pacific Partnership, the Canada-European Union Comprehensive Economic and Trade Agreement, and the Canada-Korea FTA.
- More pipelines will generate outsized economic growth. The expansion of the Trans Mountain Pipeline has already increased Canada's GDP by 0.5% on its own.
Bennett Jones' Energy Group partners with clients in oil & gas, power, and renewables to deliver practical legal solutions that drive growth, manage risk, and advance major energy projects in Canada and beyond. To discuss any aspect of energy project development in Canada, please contact one of the authors.
