Posted at 11:00 a.m.
Stronger than ever
“Our renewable energy business prospects are stronger than ever before, with an accelerated development pipeline of projects totaling some 35 gigawatts of capacity additions within the next few years,” Wyatt said. Hartley, chief financial officer and associate director of renewable energy at Brookfield Asset Management.
This Toronto conglomerate owns $67 billion in renewable energy assets, totaling 21 gigawatts of production capacity.
“This very favorable situation for renewable energies is based on three main factors”, indicated Mr. Hartley, during the Canadian conference of Bloomberg.
“The economic and financial competitiveness of renewable energies such as wind and solar power is becoming more and more assertive,” said Wyatt Hartley. Finally, securing renewable energy sources that can reduce dependence on external suppliers is becoming very important with what is happening in Europe. [en raison de l’invasion russe en Ukraine]. »
Beginning of a “fantastic decade”
“When we see the government of the largest economy in the world moving forward with a major program of financial and fiscal incentives to amplify the development of renewable energies, as the Biden administration has just done in the United States, it’s another sign that the renewable energy sector is entering a “fantastic decade” of growth,” said Jeff Norman, executive director of development at Algonquin Power, at the Canadian Bloomberg conference.
This company, valued at 10 billion on the Toronto Stock Exchange, manages 16 billion in assets for the production and distribution of electricity from renewable sources in North America.
From natural gas to renewable energies
“As the largest transporter and distributor of conventional energy, we believe in the energy transition towards low-emission energies and renewable sources. In fact, we’ve been investing there for a decade and we plan to invest at least $5 billion there by 2025,” said Vern Yu, executive vice president and chief financial officer at Enbridge, who announced on Thursday the acquisition of the American company Tri Global Energy, which specializes in the development of wind and solar energy projects. Enbridge manages $172 billion in oil and gas pipeline assets.
“Even in full swing, the development of renewable energies still promises to be insufficient to meet the demand which, for example, could be generated by a massive electrification of the economy”, underlined the chief financial officer of Enbridge during the Bloomberg Canadian Conference.
Complicated transition in carriers
“Vehicle electrification is an increasingly viable and accessible energy transition solution for consumers, but this is not yet the case among commercial carriers and aviation,” said Marcel Teunissen, Vice President Principal and Chief Financial Officer of Parkland Corporation. The Calgary-based company manages $14 billion in refining and petroleum product distribution assets, including the Ultramar gas station network in Quebec.
“Most of our large transportation and aviation fuel customers have set their own carbon reduction targets. But they are still hampered in their efforts by commercial and financial competitiveness concerns,” Teunissen told Bloomberg’s Canadian conference.