The Alberta Utilities Commission says it will continue to accept and process applications for renewable energy developments in the province, even in the face of a seven-month government-imposed moratorium.
The regulator issued a release this week clarifying how it intends to implement the UCP government’s announced seven-month pause on wind and solar energy development in the province.
While no approvals will be issued until the moratorium is lifted, the AUC said it will continue to process existing and new applications during the pause period.
It said its decision to interpret the moratorium in this way came after receiving more than 600 submissions from stakeholders since the Alberta government first announced the renewables pause on Aug. 3.
Alberta’s move to pause renewables development, which has attracted international media attention, is intended to give the regulator time to hold an inquiry on how the rapid pace of renewable energy development in the province is affecting agricultural land and system reliability, as well as what plans are in place for reclamation of wind and solar projects.
However, Premier Danielle Smith has faced criticism for announcing the moratorium with no advance notice and without consulting stakeholders, jeopardizing billions of dollars in potential investment in renewables.
On Wednesday, the Business Renewables Centre-Canada said that by choosing to continue accepting and processing applications during the pause period, the Alberta Utilities Commission is signalling to the market that it understands the severity of the market risk introduced by the moratorium.
“In the absence of the Alberta government removing the moratorium, the Alberta Utilities Commission (AUC) took the least worst option,” said Jordan Dye, acting director of BRC-Canada, in a news release.
With few regulatory barriers to entry and abundant wind and sunshine, Alberta has been a leader in renewable energy development in Canada. Last year, 17 per cent of its power came from wind and solar — exceeding the province’s 15 per cent goal.
There are 15 new renewable energy projects before the province’s utilities commission for approval right now, and more than 90 in various stages of development.
According to BRC-Canada, corporate renewable energy deals in Alberta have supported nearly $4.7 billion in new capital investment and provided 5,300 jobs since 2019.
The UCP moratorium on renewable energy project approvals applies to all wind and solar projects greater than one megawatt in size. The moratorium is intended to last until Feb. 29, 2024.
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This report by The Canadian Press was first published on Aug. 23, 2023.
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.
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.
TORONTO – Thomson Reuters reported its third-quarter profit fell compared with a year ago as its revenue rose eight per cent.
The company, which keeps its books in U.S. dollars, says it earned US$301 million or 67 cents US per diluted share for the quarter ended Sept. 30. The result compared with a profit of US$367 million or 80 cents US per diluted share in the same quarter a year earlier.
Revenue for the quarter totalled US$1.72 billion, up from US$1.59 billion a year earlier.
In its outlook, Thomson Reuters says it now expects organic revenue growth of 7.0 per cent for its full year, up from earlier expectations for growth of 6.5 per cent.
On an adjusted basis, Thomson Reuters says it earned 80 cents US per share in its latest quarter, down from an adjusted profit of 82 cents US per share in the same quarter last year.
The average analyst estimate had been for a profit of 76 cents US per share, according to LSEG Data & Analytics.
This report by The Canadian Press was first published Nov. 5, 2024.
