CALGARY, Feb. 19, 2015 /CNW/ - Today the National Energy Board (NEB or the Board) released Canadian Energy Dynamics: Review of 2014 – Energy Market Assessment. "An important part of the NEB's role is to monitor the changing energy markets," says Board Chair and CEO Peter Watson. "Reports like this reflect that aspect of our work, and contribute to the overall conversation about energy in Canada."
Canadian Energy Dynamics provides an overview of key developments in Canada's energy markets in 2014.
"It's amazing what can change within a year in energy across the country," said Darren Christie, Director of Energy Markets at the NEB. "Beyond the oil price story, 2014 saw the Polar Vortex and more. Eastern Canada moved rapidly away from overseas oil, replacing it with oil from Western Canada and the U.S. And the propane market went from supply shortages and price spikes in early 2014 to supply abundance and low prices by year-end."
Canadian crude oil exports by pipeline and rail reached new highs in 2014, while natural gas exports continued to decline as gas flows change across North America, and notably into Ontario and Quebec. Conventional fuels were increasingly phased out by cleaner fuels, exemplified by Ontario's completion of its coal phase-out and growth in small-scale liquefied natural gas. The Canadian Energy Dynamics report provides insight, statistics and regional descriptions that frame these and other developments over the last year, from all across Canada.
The National Energy Board is an independent federal regulator of several parts of Canada's energy industry with the safety of Canadians and protection of the environment as its top priority. Its purpose is to regulate pipelines, energy development and trade in the Canadian public interest. For more information on the NEB and its mandate, please visit www.neb-one.gc.ca.
SOURCE National Energy Board
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