Clean tech poised to impact global energy sector, says IEA
The International Energy Agency says renewables and the electric vehicle market are poised to have a major impact on the global energy industry in the coming decades — but the watchdog warns it's too soon to write oil's obituary. And in its new World Energy Outlook, the IEA says the United States will be a net oil exporter by the late 2020s thanks to shale's increasingly clout. BNN's Jameson Berkow will distill the IEA's thinking and assess where its view leaves Canada's oil patch.
ANOTHER CSERIES CUSTOMER
Bombardier's CSeries program is showing more momentum. The company said today EgyptAir has signed a letter of intent to buy up to 24 CS300s. At list price, that could be worth up to US$2.2 billion. It's the second major LOI this month, after an unnamed European customer indicated its plan to buy up to 61 of the jets.
LIVE ON LOCATION
Commodities hits the road for the next two days, travelling a couple of blocks south to the GMP FirstEnergy Energy Growth Conference. Today, BNN's Andrew Bell will speak with the CEOs of Nuvista, Delphi, Source Energy, Tourmaline and Paramount. He’ll set the scene with GMP FirstEnergy Deputy Chairman Jim Davidson, who I’m sure will also have profound perspective on George Gosbee’s professional and philanthropic legacy.
CENOVUS ASSET SALES
Alex Pourbaix is continuing his predecessor’s work, with Cenovus announcing the sale of its Weyburn assets for $940 million. It’s the fourth major divestment in a little more than two months as the company aims to pay down debt it took on to finance its $17.7-billion purchase of Conoco assets near the start of the year. In total, the haul so far is $3.73 billion. Cenovus has said it’s targeting $4-$5 billion in asset sales this year.
OTHER NOTABLE STORIES:
-H&R REIT said late yesterday it’s going to sell its portfolio of 79 U.S. retail properties, plus 12 U.S. industrial properties. Meanwhile, it said it has “largely withstood” tumult in the Canadian retail sector. We’ll chase its CEO.
-Notable earnings: Home Capital Group, Canopy Growth, Concordia International, Martinrea, DHX Media, Home Depot, TJX
-International Energy Agency releases monthly oil market report and world energy outlook.
-5:00 a.m. ET: ECB President Mario Draghi, Fed Chair Janet Yellen, Bank of England Governor Mark Carney, Bank of Japan Governor Haruhiko Kuroda speak on panel in Frankfurt
-11:30 a.m. ET: Environment and Climate Change Minister Catherine McKenna holds media call from COP23.
-3:00 p.m. ET: Ontario Finance Minister Charles Sousa presents fall economic statement (plus media avail at 4:00 p.m. ET)
-5:15 p.m. ET: Alberta Transportation Minister Brian Mason tables changes to Traffic Safety Act to prepare for recreational cannabis legalization
Every morning BNN's Managing Editor Noah Zivitz writes a ‘chase note’ to BNN's editorial staff listing the stories and events that will be in the spotlight that day. Have it delivered to your inbox before the trading day begins by heading to www.bnn.ca/subscribe.