Energy

The world economy is again adjusting to a significant increase in oil prices. Since 2002, oil prices have more than doubled and in early October, they were almost 50% higher than in December 2004. With the economy at full production capacity, the Bank of Canada has indicated that interest rates will need to rise further to keep core inflation on target. With respect to economic growth, Newfoundland and Labrador is expected to lead regional and national rankings next year.

This report reviews the Atlantic Canadian energy sector, its resource potential, and energy markets that the region could contribute toward. This research enables an assessment of how important the energy sector will be to the economic growth of Atlantic Canada.

The 22nd edition of APEC’s Major Projects Inventory identifies 294 actual and potential investment projects across Atlantic Canada, valued at $48 billion. The Inventory indicates investment spending in Atlantic Canada will likely slow down in 2006, as for the first time in over a decade, there is no multi-billion project ready to begin. Some mega-projects could start before the end of the decade, although some uncertainty is associated with these efforts.

A huge increase in revenues from Atlantic Canada’s international energy exports is masking the stagnation in the region’s non-energy sector. International sales of energy products have doubled since 2000 to reach $12.3 billion in 2005. However, aggregate non-energy merchandise exports from the Atlantic provinces have stalled at about $12 billion since 2000. Exporters have had to cope with a 40% appreciation of the Canadian dollar since January 2003, increasing competition from low-cost producers, higher energy and transportation costs, and weak demand in some sectors.

The energy sector continues to be the major driver of economic growth in Atlantic Canada. However, the mix of energy projects is changing, as electricity generation and distribution projects now hold a much greater presence and the oil and gas industry has shown a waning influence. The 23rd edition of the Inventory identifies 357 projects in various stages of development across Atlantic Canada. The total value this year is $53.7 billion, up nearly 12% over last year’s Inventory. The accompanying issue of Atlantic Report details related developments, including demand for energy in the U.S.

APEC has been asked by the Forest Products Association of Nova Scotia (FPANS) to provide an updated economic profile of the of the forest industry in Nova Scotia. The report highlights the major challenges facing the industry, recent economic trends within the Nova Scotia forest industry, its contribution to the provincial economy and how the industry is addressing sustainable forest management issues.

This report is written as a result of the many dialogues and discussion with NWMO, and Mawiw's focus group. The focus group was formed following the initial NWMO presentation held in July of 2009 in Fredericton. This introductory meeting with NWMO was a presentation to Mawiw's board members, Chiefs, technicians, Mawiw executive, and band councillors. Our task within the focus group was to ensure all information provided by NWMO was properly analysed and discussed as to allow for proper feedback to be included in this final report.

Legislation pertaining to the rights of Labrador Inuit.

Provincial governments in the Atlantic Provinces are adopting aggressive renewable energy targets and strategies to meet those targets. Are First Nations participating in the renewable energy sector? If not, what are the barriers to that participation and how can we overcome those barriers. Several First Nations have begun to identify renewable energy opportunities and are working to meet renewable energy targets set by their respective provinces. What can we learn from them?

"The ecoENERGY for Aboriginal and Northern Communities Program (EANC) evaluation is expected to provide conclusions regarding the relevance and performance of the program."