2012 - A Year Of Unprecedented Energy-Related Regulatory Reform

INTRODUCTION

Prompted in part by the need to improve regulatory efficiency to ensure Alberta's energy industry is attractive to capital investment, 2012 saw an unprecedented level of energy-related regulatory reform, primarily environmental, both at the provincial and federal levels. What follows is a summary of some of the more significant developments.

PROVINCIAL REFORMS

At the Provincial level, these regulatory reforms included the following:

a) Bill 2, Responsible Energy Development Act (REDA)

REDA, which received royal assent on December 10, 2012 but which has not yet been proclaimed in force, provides for the appointment of a single regulator, the Alberta Energy Regulator (Regulator), which will assume the energy development regulatory functions currently administered by the Energy Resources Conservation Board (ERCB) and Alberta Environment and Sustainable Resource Development (AESRD). The Regulator is scheduled to be operational by June 2013.