We are pleased to announce that the Canadian Energy Law Foundation (CELF) will be hosting the CELF Online Research Seminar on June 23-24, 2021.
The Seminar will take place over two half-day sessions and will feature the presentation of each of the papers that were originally going to be presented at the 2021 Jasper Research Seminar. Each presentation will feature a live paper presentation by the authors, commentary from our academic guests, followed by an open Q&A forum for attendees.
We look forward to bringing world class education to you in a revised format and hope you’ll join us.
CELF Online Research Seminar
June 23 – 24. 2021
June 23 – 12:00 PM – 4:00 PM
June 24 – 9:00 AM – 1:00 PM
Diversification in the Roaring 2020’s
Presenters: Sean Korney, Brendan Downey, Mikel Henry and Robyn Finley (Burnet, Duckworth & Palmer LLP)
Moving Forward by Looking Back: Toward a Renewable Conservation Scheme in Alberta
Presenters: Daniel Johnson and Matt Schneider (Borden Ladner Gervais LLP)
The Government of Canada’s recently released plan for “A Healthy Environment and a Healthy Economy” calls for the elimination of coal fired power across Canada by 2030, and doubling or trebling the amount of clean energy generated in Canada by 2050. Concurrently, Alberta’s Renewable Electricity Act maintains a target of 30% renewable electricity produced in Alberta by 2030. In the private sector, recent developments suggest a strong desire to source renewable energy, which will likely require significant development of renewable electricity generation. Alberta, with its abundant solar and wind resources, is well placed for the development of significant renewable electricity generation.
Currently, renewable electricity developments, as with other generation projects, are governed by the Hydro Electric Energy Act, Electric Utilities Act, and Alberta Utilities Commission Act. Although a renewable electricity project must meet regulatory requirements, the current regime does not formally provide a mechanism to address potential conflicts between renewable projects for access to resources or balance various development interests. Further, solar and wind resources are not subject to royalty treatment so, other than general corporate taxes, the public purse does not benefit from the capture and use of renewable energy resources.
All of the foregoing suggests that a conservation scheme for renewable energy sources, in particular wind and solar, may be necessary and desirable to encourage further development of renewable energy in Alberta. The authors suggest that the creation of a renewable conservation regime, using Alberta’s existing oil and gas conservation regime as a template, is a workable solution to balance the various competing interest and encourage development of Alberta’s renewable energy resources, while providing additional revenue to the Alberta government.
The ABCs of EFCs: Eligible Financial Contracts and Energy Company Insolvency Proceedings
Presenters/Authors: Ky Kvisle, James Reid and Spencer Loughlin (Blake, Cassels & Graydon LLP)
Since the 1990s, Canadian insolvency laws have provided special treatment for complex financial instruments such as swaps, forwards and other derivatives referred to in Canadian insolvency legislation as “eligible financial contracts”, or “EFCs”. Courts have long recognized that various types of energy trading contracts commonly entered into by energy companies to manage commodity price fluctuations and other risks inherent in their businesses may, depending on their terms, be properly characterized as EFCs. These have included financially settled swaps entered into under ISDAs and in certain circumstances, gas purchase and sale agreements, including those entered into under GasEDIs, NAESBs or ISDAs with a Gas Annex.
Canadian insolvency legislation expressly provides that in insolvency proceedings, the insolvent party to an EFC cannot disclaim an EFC like it can many of its other contracts. Further, unlike other types of contracts, the solvent counterparty cannot be stayed from terminating an EFC and, if applicable, calculating early termination damages. Depending on the circumstances, this may provide priority relief to the solvent counterparty through the exercise of set-off or valid credit support rights if permitted under the terms of the EFC.
The special treatment extended to EFCs in insolvency proceedings is intended to both protect the non-defaulting counterparty from the risk of indeterminate exposure to the insolvent counterparty and to reduce systemic risk in financial markets. This special treatment continues to lead to disputes during insolvency proceedings as to whether various forms of energy trading contracts are properly characterized as EFCs. Parties to EFCs also continue to test the limits on what rights and protections Canadian insolvency laws provide solvent counterparties to EFCs. The courts in Alberta have recently had to review these matters in the ongoing CCAA proceedings of Bellatrix Exploration Ltd.
These issues continue to be at the forefront of dealings in Canadian energy markets, where physically settled energy trading contracts may require a nuanced analysis of the terms of the contract to determine whether such contract qualifies as an EFC. This paper provides background on the purpose behind the EFC provisions in Canadian insolvency legislation and reviews both historical and recent court decisions surrounding EFCs and energy trading contracts in insolvency proceedings. The objective of this paper is to clarify the scope and limitations of the protections and legal remedies that may be available, or unavailable, to solvent counterparties to an EFC.
Prompt Payment Movement Sweeps Across Canada – Is the Energy Industry Ready to Comply?
Presenters: Paula Olexiuk, Melanie Gaston, Jagriti Singh (Osler, Hoskin & Harcourt LLP) and Lesley Lee (TC Energy)
Energy Storage: The Regulatory Landscape in Alberta
Presenters: David Eeles, Matthew Keen, Ryan Taylor and Alexander Baer (Norton Rose Fulbright Canada LLP)
Indigenous Ownership of Natural Resource Projects: A Framework for Partnership and Economic Reconciliation
Presenters: Vivek Warrier, Luke Morrison, Ashley White (Bennett Jones LLP) and Stephen Buffalo (Samson Cree Nation)
Recent Judicial Development of Interest to Energy Lawyers
Recent Legislative and Regulatory Developments of Interest to Energy Lawyers
Presenters: Rosa Twyman, Marlè Riley and Laura-Marie Berg (Regulatory Law Chambers)
This article provides a high-level overview of regulatory and legislative developments in Canada from mid-April 2020 to the end of March 2021. We reviewed statutes, regulations, case law, regulatory decisions and industry practices from provincial, territorial, and federal authorities. Topics of note include the challenges related to climate change and decarbonization, and the opportunities decarbonization provides for evolving technology and mechanisms to provide low carbon energy through use of hydrogen, small scale nuclear and battery storage, and the regulatory gaps related thereto. We address developments in regulatory efficiency. We set out how the Vavilov decision has been applied to energy regulatory decisions. We discuss energy regulators’ obligations to consider the honour of the Crown outside the “duty to consult”. Lastly, we also discuss the potential effects on project approvals and achieving reconciliation with our Indigenous peoples assuming the federal passage of Bill C-15, an Act respecting the United Nations Declaration on the Rights of Indigenous Peoples.
|Registration Type||Event Fee (CDN)|
|Full Conference Registration||$200|
|Corporate Pass (10 links )||$1250|
If you have questions regarding the CELF Jasper Research Seminar, please contact us at firstname.lastname@example.org or at 1-800-281-0697.