Global leadership position hinges on building sufficient infrastructure, says Enbridge president and CEO
No fences. Boundless opportunity.
And a “new energy around energy.”
North America is “on the cusp of establishing a global energy leadership position,” Enbridge president and CEO Al Monaco told a Houston audience at CERAWeek, the world’s largest energy conference, on Monday.
“There’s a new energy around energy. We’ve never been better positioned in what I like to call a true North American competitive advantage in energy,” said Mr. Monaco. “Our ability to realize that advantage rests on being able to build the infrastructure we need.”
The biggest names in the oil world have gathered in Houston for CERAWeek, including Saudi Arabia’s energy minister Khalid al-Falih, Russia’s oil minister Alexander Novak, and new U.S. Environmental Protection Agency (EPA) chief Scott Pruitt. An estimated 250 journalists from around the world have also arrived to cover the event.
Mr. Monaco’s opening address Monday kicked off a noontime panel discussion at CERAWeek, along with U.S. Senator Dan Sullivan of Alaska, entitled Building Tomorrow’s Infrastructure.
Along with abundant resources, rapid transfer of technology, and availability of investment capital, connectivity between the Canadian and U.S. energy markets is essential to the North American energy advantage, said Mr. Monaco, because it:
- Provides low-cost, reliable feedstock for refineries and the petrochemical industry;
- Delivers critical lower energy costs for manufacturers;
- Creates North American energy self-sufficiency and security; and
- Positions North America as a substantial energy supplier to meet growing global energy demand.
“We have the largest and most integrated energy system in the world. I don’t see a border—I see tremendous synergy that puts North America first on energy,” said Mr. Monaco.
At the same time, if North America is going to capitalize on its latent energy advantage, and the good life it creates, success or failure will hinge on sufficient energy infrastructure, he said.
Building that infrastructure, and realizing those global export opportunities, will take:
- A “world-class” demonstration by industry that safety and environmental protection are its top priority, and that it is taking advice from communities;
- A return to greater certainty and predictability in the permitting process; and
- Collaboration by governments in getting behind the goal of unlocking North America’s competitive advantage.
“North America has an unprecedented and unique opportunity,” said Mr. Monaco. “By working together, I believe Canada and the U.S. will become a global energy force.”
Mr. Monaco’s full address is available on the Enbridge.com website.
