This week, our special guest is Daniel Yergin, Vice Chairman of S&P Global and Chairman of S&P's CERAWeek conference. Daniel is the Pulitzer Prize-winning author of “The Prize: The Epic Quest for Oil, Money, and Power”. His most recent book is “The New Map: Energy, Climate, and the Clash of Nations”.

Please note that the interview with Daniel Yergin was recorded on June 11th, before the Israel and Iran conflict began on June 13th, 2025.

Here are some of the questions Peter and Jackie asked Daniel Yergin: Why did you describe the energy transition as troubled and in need of a pragmatic path forward? Do you believe there is a growing consensus that the “fast energy transition” scenario is unrealistic? Do you anticipate Europe softening its green policies and subsidies or extending timelines for net-zero goals? How do you foresee the trade war and competition between the G2 (the United States and China) evolving? How dominant is China in clean energy, and what implications does this hold for the United States' ability to compete? What is OPEC’s motivation for reintroducing supply to the market during a period of weaker demand? What strategy would you recommend for Canada to address US trade pressures and potential annexation threats?

Content referenced in this podcast:

• Foreign Affairs, “The Troubled Energy Transition: How to Find a Pragmatic Path Forward” by Daniel Yergin, Peter Orszag, and Atul Arya (April 2025)

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This week on the podcast, we discussed Jackie’s recent visit to St. John’s, Newfoundland and Labrador, to attend the Energy NL conference. Energy NL is the province’s energy supply and service sector association, which annually hosts the province’s flagship conference on conventional and clean energy.

This week, Charlene Johnson, Chief Executive Officer of Energy NL, joins the podcast to explore Newfoundland and Labrador’s energy potential and the discussions at the conference. Among the topics covered were potential nation-building projects, such as the Churchill River hydroelectric development—a joint $33 billion potential initiative by Newfoundland and Labrador Hydro and Hydro-Québec that aims to add nearly 4 GW of new electricity generation capacity on the river. Another significant project discussed was Equinor’s Bay du Nord offshore oil development, which could open a new offshore basin 500 km off the coast of Newfoundland.

In addition to covering the conference highlights, Jackie and Peter recapped the past week’s events, including the constructive First Ministers’ meeting in Saskatoon on June 2nd. During this meeting, Prime Minister Carney outlined the criteria for nation-building projects. Furthermore, on June 6th, the Carney government tabled new legislation, “Bill C-5: One Canadian Economy: An Act to enact the Free Trade and Labour Mobility in Canada Act and the Building Canada Act.” The goal is to pass the bill into law by Canada Day.

Content referenced in this podcast:

• Visit Peter Tertzakian's art show at the Elevation Gallery in Canmore, “Persistence, Obsolescence and Renewal: A Visual Inquiry Into the Lifecycle of Energy Infrastructure.”
• Alberta Electricity System Operator (AESO) approach to extensive load connections (Data Centres), June 4
• Avik Dey, President and CEO of Capital Power, LinkedIn post regarding AESO’s approach to data centre development, June 4
• Prime Minister of Canada Office, “First Ministers’ statement on building a strong Canadian economy and advancing major projects,” June 2
• “Bill C-5: One Canadian Economy: An Act to enact the Free Trade and Labour Mobility in Canada Act and the Building Canada Act,” tabled June 5
• “Insiders say Mark Carney could compromise on the emissions cap,” Toronto Star, June 6

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North American electricity demand is growing fast, driven by the increasing presence of data centers, as well as other load growth. In Alberta alone, the AESO has reported about 12 GW of requests for load grid connections from data centers.

This week, our guest is Josh Schertzer, Chief Executive Officer at Beacon AI Centers, which recently announced plans to develop up to 4.5 GW of AI data centers in Alberta, representing an investment of up to C$10 billion.

Here are some of the questions that Jackie and Peter asked Josh: Should Albertans be concerned about this substantial load growth and the potential for associated higher electricity prices, given that 4.5 GW would account for nearly a 50% increase in current average provincial demand? Can data centers introduce flexibility by curtailing demand during periods of power shortages? Will Beacon AI Centers rely on grid electricity, or will they build their own generation sources? Do the clients of data centers, such as major IT companies, view natural gas as an acceptable energy source, considering its greenhouse gas emissions? How much cooling water is required, and could freshwater availability become a growth constraint? Lastly, what is the employment impact of the projects, including construction, operations, and spin-off jobs associated with establishing a data center hub?

Content referenced in this podcast:

• Globe and Mail, “Carney to brief premiers on plan to fast-track major nation building projects” (May 29, 2025)
• The Logic, “Calgary firm eyes $10B AI data centre building blitz” (May 15, 2025)
• Duke Nicholas Institute for Energy, Environment & Sustainability, “Rethinking Load Growth: Assessing the potential for integration of large flexible loads in US power systems” (February 2025)

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