Friday, September 11, 2026
HH: $2.77 AECO: C$1.48/GJ

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NOAA puts 69% odds on a historic El Nino. That is a problem for winter gas EIA sees record 3,985 Bcf in U.S. storage heading into winter LNG Canada approaching full use a year after first cargo AECO still cheap near C$1.46/GJ as the basin outruns Kitimat takeaway NOAA puts 69% odds on a historic El Nino. That is a problem for winter gas EIA sees record 3,985 Bcf in U.S. storage heading into winter LNG Canada approaching full use a year after first cargo AECO still cheap near C$1.46/GJ as the basin outruns Kitimat takeaway

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From the desk

What moved on Canadian listed names

Every morning we file a half-dozen notes on what actually happened — a deal close, a dividend date, a guidance tweak. Written here, not copied off a wire. 150 pieces if you need to catch up.

Read today's file
Pipelines

Interprovincial Pipes Now Go to the CER Alone. The Dual Review Is Off the List

The September 9 Physical Activities Regulations amendments send interprovincial and international pipelines, plus designated power lines, to a Canada Energy Regulator assessment instead of an integrated Impact Assessment Act panel.

LNG

Cedar's Certificate Now Allows 3.75 Million Tonnes. Kitimat's Second Plant Is Still a 2028 Story

On July 10 the B.C. Environmental Assessment Office amended Cedar LNG's certificate to 500 MMcf per day of liquefaction, about 3.75 million tonnes a year, up from 3.0. Pembina and the Haisla Nation still target in-service in late 2028.

International

Hodgson and Shmyhal Signed in Calgary. Cameco's Ukraine Book Runs Through 2035

On September 10 Energy Minister Tim Hodgson and Ukraine's Denys Shmyhal signed a joint energy statement in Calgary. Canada added $10 million to the Energy Support Fund, up to $757 million of EBRD gas-purchase guarantees, and restated the Energoatom-Cameco uranium deal through 2035.

Power

Fossil Plants Left the Federal Project List. Alberta's Data-Centre Load Still Needs New Gas

The September 9 Project List amendments remove fossil fuel-fired generating facilities from Impact Assessment Act designation. Capital Power's 250 MW Meta contract in Sturgeon County is still aimed at the back half of 2028, and Alberta has kept large AI loads off the shared grid until then.

Markets

The Tape Tomorrow Is Line 5. Everything Else Is Waiting on That Weld

Enbridge's September 12 restart target is the next print that matters. Keyera has $30 million of 2026 Marketing margin riding on it. WTI is still in the mid-$80s and AECO is still cheap while Kitimat runs.

Natural Gas

Advantage Closed the Wembley Sale for $316 Million. Buybacks Are Back On

On September 11 Advantage completed the sale of its Wembley area assets for $316 million in gross cash proceeds, ahead of the August 26 timeline. Proceeds went to reduce bank debt. The company said it has resumed significant share repurchases.

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Trends

Macro read-through from the archive

When the book moves, we rebuild the sector view — gas, oil, pipes, power — from everything we have filed. Memory members get the full dashboard and notebook.

North America is still long gas. Henry Hub is under $3 and AECO is near C$1.48/GJ. Europe and Asia are paying about $21. LNG Canada is running; Freeport is not. The desk is watching storage, Kitimat utilization, and the El Nino winter call. Latest: Ottawa Took In Situ Oil Sand...

Last analysis: Sep 11, 2026 4:08 PM UTC · September 2026

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From this morning's run
HH near $2.77/MMBtu. AECO near C$1.48/GJ.
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Power latest

Power

Hydro One Filed Four Ontario Lines and Printed $370 Million. The Wires Are Still Applications

On August 12 Hydro One reported $370 million of second-quarter net income, or $0.62 a share. It was selected for the Red Lake line and filed leave-to-construct on four other projects totaling about $3.6 billion. Those filings are not in-service dates.

Aug 25, 2026 3 min read
Power

Brookfield Renewable Priced C$750 Million of Green Notes for an August 24 Close

On August 20 Brookfield Renewable agreed to sell C$400 million of Series 21 notes due 2036 at 4.949 percent and C$350 million of Series 22 notes due 2031 at 4.256 percent. Close was aimed at August 24. Proceeds go to the 2024 Green Financing Framework, including paying down related debt.

Aug 24, 2026 3 min read
Power

FERC Cleared TransAlta's Colorado Peakers. Close Is Still a Fourth-Quarter File

On August 13 FERC approved TransAlta's purchase of Mountain Peak and Canyon Peak, about 318 megawatts of new gas peakers near Denver. The June 3 company note put the deal at US$1 billion, including US$750 million of project debt. Canyon Peak still has to reach commercial service.

Aug 24, 2026 3 min read
Power

NexGen Broke Ground at Rook I. The Operating Licence Is Still Ahead

NexGen held a Rook I groundbreaking on August 13 in the southern Athabasca Basin. The company puts construction at $2.2 billion over four years. The CNSC already licensed site prep and construction. An operating licence is a later file.

Aug 23, 2026 3 min read
Power

Cameco Held 2026 Output. Westinghouse Lost Money Against Last Year's Czech Bump

Cameco's August 19 Q2 release left uranium production at 19.5 to 21.5 million pounds, company share. Net earnings were $25 million. Westinghouse swung to a loss versus a 2025 quarter that had a large Dukovany contribution.

Aug 23, 2026 3 min read
Power

Big Tech Is Building Its Own Gas Plants. That Is a Demand Story, Not a 2026 Price Story

BloombergNEF is tracking 99 proposed gas plants for data centers. Run at normal rates they would add about 318 million tonnes of CO2 a year, enough to lift U.S. power-sector emissions by 20 percent. The grid queue is why they want their own turbines.

Aug 18, 2026 3 min read
Power

Electricity Sector to See 3% Growth in 2025: Trends in Consumption and Generation

This article forecasts the growth in U.S. commercial electricity sector consumption and generation, highlighting the trends in different energy sources, including natural gas, coal, and solar, and their implications for the overall energy market.

Jun 12, 2025 3 min read
Power

Coal Generation to Rise 6% in 2025 Despite Plant Retirements: Market Dynamics and Policy Factors

Exploring the unexpected increase in coal generation despite planned retirements, this article discusses the role of rising natural gas prices, seasonal demand, and policy exemptions in driving this trend.

Jun 12, 2025 3 min read
Power

Wind Turbine Removals Highlight Complexities in Renewable Energy Development

Examining the recent legal victory for the Osage Nation requiring EnelGroup to remove wind turbines, this article discusses the challenges and complexities involved in the development of renewable energy projects, particularly regarding site selection and indigenous rights.

Jun 12, 2025 3 min read
Power

U.S. Solar Generation to Jump 34% in 2025: Driving Forces and Market Implications

This article delves into the rapid growth of U.S. solar generation, examining the factors behind this increase and its impact on the overall energy mix, including the shift away from natural gas and coal-fired power plants.

Jun 12, 2025 3 min read
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