Alberta
Alberta Budget 2021
From alberta.ca/budget.
Budget 2021 is focused on what matters most: protecting lives and livelihoods as we face one of the most difficult times in our history.
We will spend a record $23 billion on health care and there’s an additional $1.25 billion specifically to fight the pandemic.
The budget will also support jobs now and into the future. Over the next 3 years, we will spend $1.5 billion to develop key sectors and diversify the economy, and $20.7 billion to build new roads, schools and hospitals.
Over the course of the fiscal plan, our approach to responsible and stable spending will also help bring down overall per capita expense.
Economic outlook
Alberta’s economic outlook is slightly more positive than reported in 2020. Alberta’s economy (measured by real Gross Domestic Product, or GDP), is expected to partially rebound by 4.8% in 2021. The economy is now expected to reach pre-COVID levels in 2022.
Overview
Protecting lives and livelihoods.
Revenue
While Alberta’s revenue has been negatively impacted by the pandemic and reduced energy demand, it is starting to grow again. Provincial revenue is projected to be $43.7 billion in 2021-22, an increase of 3.3% from the forecast for 2020-21.
Expense
Budget 2021 is making the right investments. The fiscal plan ensures the health care system can continue to manage the COVID-19 pandemic, helps support measures that will drive long-term economic recovery for a financially sustainable future, and ensures efficient delivery of services to Albertans.
Capital plan
The Capital Plan remains a key element of the government’s recovery strategy. The 3-year plan will support tens of thousands of jobs and invest in strategic infrastructure projects that will help spur economic growth.
What Budget 2021 means for you
Budget 2021 continues to provide social supports for those who need them, including children, families, seniors and vulnerable Albertans. It maintains funding for all current programs, including income and employment support, disability services and help for people experiencing homelessness or fleeing violence.
Watch the news conference
Finance Minister Travis Toews provides details on Budget 2021.
Alberta
Pierre Poilievre will run to represent Camrose, Stettler, Hanna, and Drumheller in Central Alberta by-election
From LifeSiteNews
Conservative MP-elect Damien Kurek announced Friday he would be willing to give up his seat as an MP so Pierre Poilievre, who lost his seat Monday, could attempt to re-join Parliament.
Conservative MP-elect Damien Kurek announced Friday he would be willing to give up his seat in a riding that saw the Conservatives easily defeat the Liberals by 46,020 votes in this past Monday’s election. Poilievre had lost his seat to his Liberal rival, a seat which he held for decades, which many saw as putting his role as leader of the party in jeopardy.
Kurek has represented the riding since 2019 and said about his decision, “It has been a tremendous honor to serve the good people of Battle River—Crowfoot.”
“After much discussion with my wife Danielle, I have decided to step aside for this Parliamentary session to allow our Conservative Party Leader to run here in a by-election,” he added.
Newly elected Prime Minister of Canada Mark Carney used his first post-election press conference to say his government will unleash a “new economy” that will further “deepen” the nation’s ties to the world.
He also promised that he would “trigger” a by-election at once, saying there would be “no games” trying to prohibit Poilievre to run and win a seat in a safe Conservative riding.
Poilievre, in a statement posted to X Friday, said that it was with “humility and appreciation that I have accepted Damien Kurek’s offer to resign his seat in Battle River-Crowfoot so that I can work to earn the support of citizens there to serve them in Parliament.”
“Damien’s selfless act to step aside temporarily as a Member of Parliament shows his commitment to change and restoring Canada’s promise,” he noted.
“I will work to earn the trust of the good people of Battle River-Crowfoot and I will continue to hold the Liberal minority government to account until the next federal election, when we will bring real change to all Canadians.”
Carney said a new cabinet will be sworn in on May 12.
From the Canadian Energy Centre
By Will Gibson
Alberta oil sands projects poised to grow on lower costs, strong reserves
As geopolitical uncertainty ripples through global energy markets, a new report says Alberta’s oil sands sector is positioned to grow thanks to its lower costs.
Enverus Intelligence Research’s annual Oil Sands Play Fundamentals forecasts producers will boost output by 400,000 barrels per day (bbls/d) by the end of this decade through expansions of current operations.
“Existing oil sands projects deliver some of the lowest-breakeven oil in North America at WTI prices lower than $50 U.S. dollars,” said Trevor Rix, a director with the Calgary-based research firm, a subsidiary of Enverus which is headquartered in Texas with operations in Europe and Asia.
Alberta’s oil sands currently produce about 3.4 million bbls/d. Individual companies have disclosed combined proven reserves of about 30 billion barrels, or more than 20 years of current production.
A recent sector-wide reserves analysis by McDaniel & Associates found the oil sands holds about 167 billion barrels of reserves, compared to about 20 billion barrels in Texas.
While trade tensions and sustained oil price declines may marginally slow oil sands growth in the short term, most projects have already had significant capital invested and can withstand some volatility.
Cenovus Energy’s Christina Lake oil sands project. Photo courtesy Cenovus Energy
“While it takes a large amount of out-of-pocket capital to start an oil sands operation, they are very cost effective after that initial investment,” said veteran S&P Global analyst Kevin Birn.
“Optimization,” where companies tweak existing operations for more efficient output, has dominated oil sands growth for the past eight years, he said. These efforts have also resulted in lower cost structures.
“That’s largely shielded the oil sands from some of the inflationary costs we’ve seen in other upstream production,” Birn said.
Added pipeline capacity through expansion of the Trans Mountain system and Enbridge’s Mainline have added an incentive to expand production, Rix said.
The increased production will also spur growth in regions of western Canada, including the Montney and Duvernay, which Enverus analysts previously highlighted as increasingly crucial to meet rising worldwide energy demand.
“Increased oil sands production will see demand increase for condensate, which is used as diluent to ship bitumen by pipeline, which has positive implications for growth in drilling in liquids-rich regions such as the Montney and Duvernay,” Rix said.
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