Business

Fraught provincial-federal relationship onstage at Alberta Climate Summit

Published

1 year ago

October 26, 2023

Premier Danielle Smith took her federal fight to the 2023 Alberta Climate Summit on Thursday.

The conference is touted as a way to examine responsible energy transitions, but the focus of its first day was a fraught provincial-federal relationship.

Smith and the federal energy minister, Jonathan Wilkinson, both took part in separate “fireside chats” during the afternoon session.

Much of the conversation revolved around how — and how soon — Alberta can achieve a net-zero electricity grid.

Ottawa is aiming for 2035.

“I think 2050 is realistic,” Smith said during her sit-down.

“You have to be in sync with what is practical. Politicians want to accelerate decision-making so that they can stand at podiums and have election wins, whether or not it’s practical or realistic.”

Wilkinson has repeatedly said he believes the province can get its electricity grid to net zero by the target date, despite the premier’s insistence to the contrary.

After his chat, the minister told reporters he’s had several successful conversations with Maritime provinces facing similar economic challenges.

“You can either take the position that’s never going to work and we’re not going to engage, or you can say, ‘OK, we want to engage the conversation,” Wilkinson said.

“We agree on the objective, let’s figure out the flexibilities that will work in this context.”

Smith disagreed, at one point even calling the target “impossible.”

In front of a crowd of clean energy and environment experts, that message didn’t resonate — the premier faced heckling.

“I am not going to rely on fantasy thinking,” Smith said to one guest in the second row.

“My job is to have a reliable energy grid.”

Smith was also challenged on her government’s decision to halt the construction of wind and solar energy projects in the province.

The government is still running taxpayer-funded advertisements in other provinces — notably Ontario — suggesting 2035 goals could lead to sky-high prices and even power shortages.

Wilkinson says there’s flexibility that can be worked out face-to-face.

The federal government released a draft of its clean electricity regulations in August, in which it says “deploying clean and non-emitting electricity would make energy consumption even more affordable for Canadians over the longer-term.”

Meetings are ongoing between the two sides.

With files by Kevin Green

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Cineplex reports $24.7M Q3 loss on Competition Tribunal penalty

Published

6 hours ago

November 6, 2024

Anne Joseph

TORONTO – Cineplex Inc. reported a loss in its latest quarter compared with a profit a year ago as it was hit by a fine for deceptive marketing practices imposed by the Competition Tribunal.

The movie theatre company says it lost $24.7 million or 39 cents per diluted share for the quarter ended Sept. 30 compared with a profit of $29.7 million or 40 cents per diluted share a year earlier.

The results in the most recent quarter included a $39.2-million provision related to the Competition Tribunal decision, which Cineplex is appealing.

The Competition Bureau accused the company of misleading theatregoers by not immediately presenting them with the full price of a movie ticket when they purchased seats online, a view the company has rejected.

Revenue for the quarter totalled $395.6 million, down from $414.5 million in the same quarter last year, while theatre attendance totalled 13.3 million for the quarter compared with nearly 15.7 million a year earlier.

Box office revenue per patron in the quarter climbed to $13.19 compared with $12 in the same quarter last year, while concession revenue per patron amounted to $9.85, up from $8.44 a year ago.

This report by The Canadian Press was first published Nov. 6, 2024.

Companies in this story: (TSX:CGX)

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Restaurant Brands reports US$357M Q3 net income, down from US$364M a year ago

Published

1 day ago

November 5, 2024

Anne Joseph

TORONTO – Restaurant Brands International Inc. reported net income of US$357 million for its third quarter, down from US$364 million in the same quarter last year.

The company, which keeps its books in U.S. dollars, says its profit amounted to 79 cents US per diluted share for the quarter ended Sept. 30 compared with 79 cents US per diluted share a year earlier.

Revenue for the parent company of Tim Hortons, Burger King, Popeyes and Firehouse Subs, totalled US$2.29 billion, up from US$1.84 billion in the same quarter last year.

Consolidated comparable sales were up 0.3 per cent.

On an adjusted basis, Restaurant Brands says it earned 93 cents US per diluted share in its latest quarter, up from an adjusted profit of 90 cents US per diluted share a year earlier.

The average analyst estimate had been for a profit of 95 cents US per share, according to LSEG Data & Analytics.

This report by The Canadian Press was first published Nov. 5, 2024.

Companies in this story: (TSX:QSR)

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Electric and gas utility Fortis reports $420M Q3 profit, up from $394M a year ago

Published

1 day ago

November 5, 2024

Anne Joseph

ST. JOHN’S, N.L. – Fortis Inc. reported a third-quarter profit of $420 million, up from $394 million in the same quarter last year.

The electric and gas utility says the profit amounted to 85 cents per share for the quarter ended Sept. 30, up from 81 cents per share a year earlier.

Fortis says the increase was driven by rate base growth across its utilities, and strong earnings in Arizona largely reflecting new customer rates at Tucson Electric Power.

Revenue in the quarter totalled $2.77 billion, up from $2.72 billion in the same quarter last year.

On an adjusted basis, Fortis says it earned 85 cents per share in its latest quarter, up from an adjusted profit of 84 cents per share in the third quarter of 2023.

The average analyst estimate had been for a profit of 82 cents per share, according to LSEG Data & Analytics.

This report by The Canadian Press was first published Nov. 5, 2024.

Companies in this story: (TSX:FTS)

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