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First Nation investment group, Enbridge signs letter of intent to invest in carbon storage project – Edmonton Journal

Published

3 years ago

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Chief George Arcand Jr. of Alexander First Nation said the First Nation Capital Investment Partnership gives First Nations the ability “to ensure that our rights and treaty obligations continued to be a principle of how we look at undertaking any of these kinds of developments.” Photo by supplied

Enbridge and an investment group made up of Alberta First Nations have agreed to partner on a proposed new carbon transportation and storage project west of Edmonton.

The proposed Open Access Wabamun Carbon Hub is the first project agreed to by the new First Nation Capital Investment Partnership (FNCIP) formed by the Alexander First Nation, Alexis Nakota Sioux Nation, Enoch Cree Nation and Paul First Nation as a way of pursuing ownership in major infrastructure projects.

If approved, the hub, which is expected to cost hundreds of millions of dollars, would allow companies that already have their own carbon capture equipment to pay to transport and store what they capture through pipelines to 3,000-metre-deep storage wells built nearby.

Chief George Arcand Jr. of Alexander First Nation said the FNCIP signed on to this project because it allows the First Nations to get in early and be at the forefront of developing projects that help create better environmental stewardship.

“We really believe that this is not just about generating wealth. It’s about creating an opportunity for us to ensure that our communities have longer term financial stability,” he said.

“Part of that long-term financial stability is also the ability for us to ensure that our rights and treaty obligations continued to be a principle of how we look at undertaking any of these kinds of developments.”

As part of a letter of intent signed last week, the FNCIP could own up to 50 per cent of the hub when it is completed.

Colin Gruending, Enbridge’s executive vice-president and president of liquids pipelines, said the region is close to many emitters making it a good location for this kind of project and keeping costs down.

“If you think about emission capture and storage, it’s not a revenue generating enterprise. It is a cost avoidance exercise to avoid carbon taxes and the like,” he said

“So (being) proximal is important, scale is important, long-term contracts are important to reduce financing costs.”

Capital Power and Lehigh Cement have already announced plans to build carbon capture facilities that would use the new transportation and storage hub.

The project has been submitted for approval to the Alberta government’s request for full project proposals process and Gruending said the group is expecting to hear back from the government in March.

If approved, the project would still have to go through multiple stages including further engineering design, permitting and construction.

Capital Power and Lehigh Cement are looking to get their carbon capture facilities up and running by 2026 and 2025 respectively.

ajoannou@postmedia.com

twitter.com/ashleyjoannou

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Investment

Tesla shares soar more than 14% as Trump win is seen boosting Elon Musk’s electric vehicle company

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6 days ago

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November 6, 2024

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NEW YORK (AP) — Shares of Tesla soared Wednesday as investors bet that the electric vehicle maker and its CEO Elon Musk will benefit from Donald Trump’s return to the White House.

Tesla stands to make significant gains under a Trump administration with the threat of diminished subsidies for alternative energy and electric vehicles doing the most harm to smaller competitors. Trump’s plans for extensive tariffs on Chinese imports make it less likely that Chinese EVs will be sold in bulk in the U.S. anytime soon.

“Tesla has the scale and scope that is unmatched,” said Wedbush analyst Dan Ives, in a note to investors. “This dynamic could give Musk and Tesla a clear competitive advantage in a non-EV subsidy environment, coupled by likely higher China tariffs that would continue to push away cheaper Chinese EV players.”

Tesla shares jumped 14.8% Wednesday while shares of rival electric vehicle makers tumbled. Nio, based in Shanghai, fell 5.3%. Shares of electric truck maker Rivian dropped 8.3% and Lucid Group fell 5.3%.

Tesla dominates sales of electric vehicles in the U.S, with 48.9% in market share through the middle of 2024, according to the U.S. Energy Information Administration.

Subsidies for clean energy are part of the Inflation Reduction Act, signed into law by President Joe Biden in 2022. It included tax credits for manufacturing, along with tax credits for consumers of electric vehicles.

Musk was one of Trump’s biggest donors, spending at least $119 million mobilizing Trump’s supporters to back the Republican nominee. He also pledged to give away $1 million a day to voters signing a petition for his political action committee.

In some ways, it has been a rocky year for Tesla, with sales and profit declining through the first half of the year. Profit did rise 17.3% in the third quarter.

The U.S. opened an investigation into the company’s “Full Self-Driving” system after reports of crashes in low-visibility conditions, including one that killed a pedestrian. The investigation covers roughly 2.4 million Teslas from the 2016 through 2024 model years.

And investors sent company shares tumbling last month after Tesla unveiled its long-awaited robotaxi at a Hollywood studio Thursday night, seeing not much progress at Tesla on autonomous vehicles while other companies have been making notable progress.

Tesla began selling the software, which is called “Full Self-Driving,” nine years ago. But there are doubts about its reliability.

The stock is now showing a 16.1% gain for the year after rising the past two days.

The Canadian Press. All rights reserved.

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S&P/TSX composite up more than 100 points, U.S. stock markets mixed

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4 weeks ago

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October 16, 2024

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TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.

The S&P/TSX composite index was up 103.40 points at 24,542.48.

In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.

The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.

The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.

The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.

This report by The Canadian Press was first published Oct. 16, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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S&P/TSX up more than 200 points, U.S. markets also higher

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1 month ago

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October 11, 2024

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TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.

The S&P/TSX composite index was up 205.86 points at 24,508.12.

In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.

The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.

The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.

The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.

This report by The Canadian Press was first published Oct. 11, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

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