Skip to Content News Archives Economy Energy Oil & Gas Renewables Electric Vehicles Mining Commodities Agriculture Real Estate Mortgages Mortgage Rates Finance Banking Insurance Fintech Cryptocurrency Work Wealth Smart Money Wealth Management Investor Personal Finance Family Finance Retirement Taxes High Net Worth FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials More Innovation Information Technology FP500 Podcasts Small Business Lives Told Tails Told Shopping Financial Post Store Obituaries Place a Notice Advertising Advertising With Us Advertising Solutions Postmedia Ad Manager Sponsorship Requests Classifieds Place a Classifieds ad Working Profile Settings My Subscriptions Saved Articles My Offers Newsletters Customer Service FAQ News Economy Energy Mining Real Estate Finance Work Wealth Investor FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials HomeCommoditiesEnergyOil & GasATCO CEO bullish on Alberta growth as Ottawa energy pact takes shapeChris Varcoe: 'I am so bullish on the possibilities for Alberta right now,' said Nancy SouthernLast updated 1 day ago You can save this article by registering for free here. Or sign-in if you have an account.Nancy Southern, chief executive of ATCO Ltd., speaks at the company annual general meeting held at the Palliser Hotel in downtown Calgary on May 13. Photo by Dean Pilling/PostmediaNancy Southern sees potential opportunity stemming from the Alberta-Canada energy pact and a growing economy.Subscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.Subscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountorAnd the chief executive of ATCO Ltd. and Alberta business leader still sees potential risk from the debate over separation and the possibility of a vote on the contentious issue.Those two forces have become dominant themes in 2026 for segments of Alberta business, as a volatile and unpredictable year soon heads into the summer months.After ATCO’s annual meeting in Calgary on Wednesday, Southern spoke with journalists about the Alberta-Canada energy memorandum of understanding (MOU) and a new deal on industrial carbon pricing that is likely to be announced by the two governments on Friday.It’s one of the key components of the broader energy agreement, which includes the potential for Alberta to propose a large greenfield oil pipeline to the British Columbia coast for expedited federal approval, although it is “mutually dependent” on the Pathways carbon capture network in the oilsands also being developed.An expected carbon pricing agreement between Alberta and Canada, reported Monday by the Herald, will see both sides sign on to an effective carbon price in the province of $130 per tonne by 2040.“I think it’s a critical time, and I believe that they’re going to come to us with a very good agreement,” said Southern, who leads one of the province’s largest businesses.“I absolutely believe it’s important for Alberta and the federal government to see eye to eye on how we develop oil. What I’m also seeing, which I think is a big shift in the federal government, is their desire and ambition to develop more natural gas, and that’s a really good thing for Alberta, as well.”ATCO has extensive energy operations — including in natural gas and electricity transmission and distribution — and provides support services to commercial, defence and government customers, and it invests in ports around the world.In other words, it has deep insight into multiple industries and business lines.Southern sees real opportunities to build major projects in Canada, and for Alberta to thrive as the country becomes a growing energy superpower, while the world is increasingly looking for more secure sources of energy supplies.This moment demonstrates Alberta has the resources that the world needs.“I am so bullish on the possibilities for Alberta right now,” Southern added. Nancy Southern, CEO of ATCO, speaks at the company AGM held at the Palliser Hotel in downtown Calgary on Wednesday, May 13, 2026. Dean Pilling/PostmediaSome energy executives have expressed opposition to increasing the industrial carbon price, believing a much higher rate would make the country less competitive in attracting capital.Last week, Cenovus Energy CEO Jon McKenzie said the national discussion on oilsands development has been “myopically focused on the climate agenda and climate policy,” noting no other major oil-producing country has such a levy.Asked about those concerns, Southern said she believes Prime Minister Mark Carney and Premier Danielle Smith have thought through the consequences.“For our company, it’s something we can prepare for and it’s not something we disagree with. Having strong carbon pricing, it allows a whole different set of opportunities in the future,” she said, pointing to the company’s previous plans to develop hydrogen facilities in the province.“None of us want to have additional tax imposed on us. However, we and especially our Canadian oil industry, have been extraordinarily innovative . . .“We have to have a graduated plan. It can’t be just cut and dried. And I believe that all of us in industry will find ways to make ourselves just as competitive as we have been in the past with a new carbon pricing.”Alberta was the first jurisdiction in North America to establish an industrial carbon levy on large emitters and money from it has been invested in developing technologies to reduce carbon emissions, noted former premier Jason Kenney, who is also an ATCO board member.“I would prefer that it not go up beyond where it is now. But if this kind of agreement is the only way we can get the feds to put their shoulder behind the wheel of additional pipelines, lifting the (oilpatch) emissions cap and rolling back other dumb anti-energy policies, then perhaps it’s a necessary deal,” he said after the meeting.“The challenge is to get it at a price point where it doesn’t render our product uncompetitive on a global market.” Jason Kenney at the ATCO Ltd. Annual General Meeting in Calgary on Wednesday, May 14, 2025. Darren Makowichuk/Postmedia fileAnother major issue on the horizon is talk of Alberta separation, and Southern has become one of the most prominent business leaders in the province to speak out against it.(A possible fall referendum on the issue was dealt a setback by the courts on Wednesday afternoon after a judge’s ruling quashed a decision to issue a citizen initiative petition for a vote on independence, according to the Edmonton Journal.)The issues surrounding the energy accord and Alberta separation are connected as political matters, but also as key economic concerns, said Charles St-Arnaud, chief economist with Servus Credit Union.The agreement seeks to trigger more spending and energy production, while part of the separatism debate focuses on federal policies that were seen by some as hindering economic growth in Alberta, he said.“The MOU allows some of the hindrances, some of the regulations, to be relaxed to bring (in) those investments,” St-Arnaud said.Southern said she’s speaking out against separation as a proud Canadian and a proud Albertan.“I feel very deeply and strongly that our Canada has been great to all of us. It’s a young country still, in the scheme of things. Why would we want to break it up? It doesn’t make any sense to me, but it’s up to every individual to express their own feelings,” she added.“I believe the memorandum of understanding — coming to a detailed outlook for how we’re going to deal with pipelines, carbon, our hydrocarbon resource industry — is going to set the stage for pushing back on the reasons as to why (some people) might want to call for separation.”Chris Varcoe is a Calgary Herald columnist. Join the Conversation This website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Use and Privacy Policy.