Alberta Investment Management Corporation ( AIMCo ) is a Canadian Crown corporation and institutional investor established to manage several public funds and pensions headquartered in Edmonton , Alberta. AIMCo was established by an act of the Legislative Assembly of Alberta in 2008 under the government of Progressive Conservative Premier Ed Stelmach .
136-407: AIMCo manages one of Canada's largest public pools of funds with assets under management totalling $ 160.6 billion (2023). AIMCo manages the assets on behalf of 375,000 members of provincial public pension and retirement plans, endowments, government funds, and other public accounts, including the $ 22.07 billion Alberta Heritage Savings Trust Fund . The Alberta Investment Management Corporation (AIMCo)
272-528: A $ 200 million debt-with-warrants financing agreement. Also in 2016, an AIMCo led consortium of Ontario Municipal Employees Retirement System (OMERS), Ontario Teachers' Pension Plan (OTPP), and Wren House Infrastructure Management Limited (Wren House) acquired the London City Airport . In 2017, AIMCo, in partnership with MSD Capital and CCMP Capital acquired Hayward Industries in 2017. AIMCo, in partnership with U.S. based AES Corp. acquired
408-471: A 10.6% return, and 2021 with an impressive 14.7% return. The corporation manages a diverse portfolio, which as of 2015 was composed of 43% equities, 22% fixed income, and 35% illiquid assets. By the end of 2019, AIMCo's total AUM had reached $ 103.7 billion, with $ 88.2 billion in balanced funds and $ 15.5 billion in government and specialty funds. By the end of the 2021 calendar year, AIMCo had $ 168.3 billion in AUM. At
544-601: A 100% stake in FTP Power LLC from FirTree Partners for $ 1.6 billion in cash and debt. This investment gives AIMCo ownership of 150 utility and distributed electrical generation systems across the United States and the United Kingdom , increasing their exposure to green energy globally. Barclays Investment Bank and Citigroup served as co-financial advisors on this transaction. AIMCo, in combination with
680-698: A 50 per cent interest in Chile's Autopista Central 's 61-kilometer, six-lane toll highway in Santiago on behalf AIMCo clients. In 2011 AIMCo divested its stake in Autopista Central to Abertis for about 1.5 billion. In the same year, AIMCo, under a landmark transaction, acquired Morgan Stanley Infrastructure Partners 50% interest in the Chilean company from Inversiones Grupo Saesa Limitada (Grupo SAESA). This electricity transmission and distribution company
816-516: A 71% increase in the employee salary, it failed to acknowledge that these were driven by client demand for more investment in illiquid assets, such as real estate and private equity. Additionally, the pension fund's costs remained 23% below industry averages at the time of the report. The Alberta Investment Management Corporation (AIMCo) has experienced significant growth in its assets under management (AUM) since its inception in 2008. Starting with $ 75.7 billion in AUM in 2008, AIMCo saw fluctuations in
952-575: A barrel." On October 9, 2018, Enbridge's Westcoast Pipeline exploded in Shelley, British Columbia , sparking a massive fireball and leading to shortages of natural gas throughout British Columbia. In May 2012, West Coast First Nations members and supporters protested near Enbridge's Annual Shareholder's meeting, against the proposed Northern Gateway Project and on May 31, 2012, the Vancouver Observer reported about 40 protesters outside
1088-643: A billion-dollar umbrella over mortgage holders, small businesses, and farmers. In the announcement to address the recession , Lougheed stressed the diversion of funds from the Heritage Trust Fund would only be temporary, and the concept of the fund would remain intact. The Legislature passed the Alberta Heritage Savings Trust Fund Amendment Act, 1983 (Bill 18) which repealed the diversion of 30 per cent of non-renewable resource revenue and provided for
1224-649: A deposit of $ 500-million in the Heritage Savings Trust Fund over that period. In October 2020, the Government of Alberta announced a review of the investment policy for the Heritage Savings Trust Fund. The Trust Fund faced significant losses from a volatility-based investment strategy during the COVID-19 recession . The volatility-based strategy resulted in direct losses of $ 411-million, which were compounded by other global market losses from
1360-466: A diversified approach, which now includes stocks, bonds, real estate and other ventures. The Heritage Savings Trust Fund has been a source of criticism for Alberta governments, as the value of the fund has failed to grow at the pace of provincial non-renewable natural resource revenues, which between 1980 and 2014 accounted totaled almost $ 190 billion, while the value of the Heritage Fund in 2014
1496-485: A fleet of approximately 5,900 railway vehicles. AIMCo is still a major stakeholder in this company. In May 2019, AIMCo announced that it was acquiring an 85 per cent interest in the $ 1.15 billion 90-kilometre Northern Courier pipeline system owned by the Calgary-based TC Energy 's—formerly known as TransCanada Corporation. In a November 4 BNN Bloomberg interview with Amanda Lang , Uebelein said that
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#17327880892281632-499: A letter of complaint to the Hamilton (Ontario) police service (HPS) for accepting over $ 44,000 in donations from Enbridge. The letter questions whether police officers would be impartial during any anti-Enbridge protests, given the donation. On June 26, 2013, Hamilton Police arrested at least 10 people who occupied an Enbridge compound for six days to protest the expansion of Enbridge's Line 9 and intent to ship diluted bitumen through
1768-636: A long-term investment horizon while integrating environmental, social and corporate governance (ESG) factors into investment analysis. AIMCo was one of the 12 investment management firms who co-authored a paper to aid investors in climate-related corporate disclosure. The report was written as part of the Task Force on Climate-related Financial Disclosures, under the umbrella of the Investor Leadership Network. In December 2010, in an AIMCo-led private equity investment, it acquired
1904-642: A major part of the network that serves Alberta's oilsands. All three lines were closed down as a precautionary measure. Operations between Hardisty and Cheecham were restored on June 23 when Enbridge's Athabasca pipeline (Line 19) was restored to service. On July 1, 2013, WWMT News in Michigan reported that the Michigan Department of Environmental Quality had issued a citation against Enbridge for contamination of North Ore Creek by an Enbridge pipeline maintenance activity. On January 30, 2017,
2040-518: A member in 2014 along with Suncor's John Ferguson, and Enbridge's J. Richard Bird. Bird, who retired from Enbridge in 2015, after having served in various executive positions there including as CFO and Executive Vice President, was designated as AIMCo CEO in June 2017—effective on October 21, 2017. Mac Van Wielingen had served as board chair from December 2014 until he stepped down in 2018. Kevin Uebelein
2176-498: A more sustainable global financial system . The 2018 Canadian Responsible Investment Trends Report , recognized the progress of major Canadian investors like the AIMCo, Canada Pension Plan Investment Board , Ontario Teachers' Pension Plan that are involved in responsible investing recognizing the value of long-term sustainability. AIMCo's approach to socially responsible investing is governed by its fiduciary duty to clients and
2312-630: A network of natural gas transmission pipelines across North America, connecting the continent's prolific natural gas supply to major markets in Canada, the United States, Mexico, and further abroad. Enbridge's natural gas network currently covers 38,375 km (23,850 mi) across five Canadian provinces, 30 U.S. states, and offshore in the Gulf of Mexico, transporting roughly 16.2 Bcf (billions of cubic feet per day) of natural gas. DCP Midstream
2448-473: A number of investments which brought negative attention to the fund and government. The 1987 loan of $ 120-million to Millar Western for a Whitecourt pulp mill which the government never received interest or principle payments on despite the province awarding the company several contracts. The province lost $ 244.2-million on the loan and in 1994 took a 60 per cent ownership stake in Millar Western which
2584-562: A number of provincial statutes including transferring the administration of the Alberta Teachers' Retirement Fund to AIMCo, and requiring the two other largest public sector pension plans to use only AIMCo as investment managers. In December 2020, the Universities Academics Pension Plan (UAPP) agreed to move its public equities portfolio from AIMCo to a new investment manager. The UAPP board cited
2720-487: A portion of oil revenue into the fund. The Heritage Savings Trust Fund used oil revenues to invest for the long term in such areas as health care, education and research and as a way of ensuring that the development of non-renewable resources would be of long-term benefit to Alberta. The strategy and goals of the fund have changed through successive provincial governments which moved away from direct investments in Alberta to
2856-698: A pump failed at Enbridge's Willmar terminal in Saskatchewan. According to Enbridge, roughly half the oil was recovered. On January 1, 2007, an Enbridge pipeline that runs from Superior, Wisconsin to near Whitewater, Wisconsin cracked open and spilled ~50,000 US gallons (190 m ) of crude oil onto farmland and into a drainage ditch. The same pipeline was struck by construction crews on February 2, 2007, in Rusk County, Wisconsin, spilling ~201,000 US gallons (760 m ) of crude, of which about 87,000 U.S. gal (330 m ) were recovered. Some of
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#17327880892282992-606: A result of transfers of interest to general revenue and lower earnings from non-interest-bearing investments, in particular the Lloydminster Bi-Provincial Upgrader for heavy oil with Husky Oil and the Government of Saskatchewan, and the Alberta-Pacific Forest Industries pulp mill. By 1993 the government's decisions to reduce and eventually eliminate non-renewable natural resource revenue in 1983 and 1987 combined with
3128-736: A reversal of Line 9, is a project to deliver oil to Western Canada and Bakken to refineries in Eastern Canada and the midwest and eastern U.S. Western Gulf Coast Access, including reversal and expansion of the Seaway Pipeline and the Flanagan South Pipeline, is a plan to connect Canadian heavy oil supply to refineries along the Gulf Coast of the United States . Enbridge's oil pipelines cross North America, with 13,833 km (8,672 mi) of active pipe in
3264-1017: A rich wind-powered generation resource and allows electrical energy to flow in both directions. The transmission line is 210 miles (345 km) long and runs between the Lethbridge, Alberta area and the Great Falls, Montana area. Roughly one third of the line is in Canada and two thirds in the U.S. Enbridge Gas Inc. was formed on January 1, 2019, with the combination of Enbridge Gas Distribution and Union Gas. Its network consists of 5,471 km of gas transmission lines, 66,787 km of gas distribution service lines, and 78,214 km of gas distribution main lines. They deliver to over 15 million people in Ontario and Quebec through 3.8 million residential, commercial, industrial, and institutional meter connections and distribute roughly 2.3 bcf/d of natural gas. Additionally, in southwestern Ontario they have
3400-525: A road crew in Texas punctured the Seaway S-1 crude oil pipeline, which is jointly owned by Enterprise Products Partners and Enbridge through the joint venture Seaway Crude Pipeline Company . Two days later, it was unclear how much oil had spilled over the nearby Highway 121 northeast of Dallas . After the incident, supply concerns reportedly helped push "oil prices 2% higher in early trading to nearly $ 54
3536-622: A total enterprise value worth $ 14 billion. The acquisition will result in Enbridge being the largest natural gas utility franchise in North America. On September 6, 2016, Enbridge agreed to buy Spectra Energy in an all-stock deal valued at about $ 28 billion. Spectra, headquartered in Houston, Texas , operated in three key areas of the natural gas industry: transmission and storage, distribution, and gathering and processing. Spectra
3672-572: A world-wide leader in successfully adapting the advantages of large funds to the public sector." These are "arm's-length investment management entities with sufficient scale, independent boards and internal investment management, remunerated at rates competitive with the private sector." In 2010, AIMCo became a signatory to the United Nations Principles for Responsible Investment , an international network of investors working together to implement its six aspirational principles for
3808-533: Is a joint venture between Enbridge and Phillips 66 . Phillips 66 is one of the largest petroleum services companies in the US, owning and operating 39 natural gas plants and 51,000 miles of gathering pipe. Headquartered in Denver, Colorado, DCP operates a portfolio of natural gas gathering, logistics, marketing and processing services across nine states. Enbridge made its first investment into renewable energy in 2002 with
3944-656: Is a multinational pipeline and energy company headquartered in Calgary , Alberta , Canada. Enbridge owns and operates pipelines throughout Canada and the United States, transporting crude oil, natural gas, and natural gas liquids , and also generates renewable energy . Enbridge's pipeline system is the longest in North America and the largest oil export pipeline network in the world. Its crude oil system consists of 28,661 kilometres (17,809 miles) of pipelines. Its 38,300 kilometre (23,800 mile) natural gas pipeline system connects multiple Canadian provinces, several US states, and
4080-540: Is jointly owned by AIMCo and Ontario Teachers' Pension Plan (OTPP). In 2012, Stanhope, Mitsui Fudosan UK and AIMCo, on behalf of its clients, completed the purchase of the BBC Television Centre in West London. Construction began in summer of 2015 to develop homes, offices, hotels, retail and leisure facilities within this 13.7-acre area. In 2016, AIMCo's Infrastructure Private Equity group became
4216-432: Is now "the fourth Enbridge platform." (Centre Manche 1) In February, 2020, Enbridge sold its shares of Montana-Alberta Tie-Line (MATL) to Berkshire Hathaway Energy. The MATL project is a 300-megawatt (MW), 230-kilovolt (kV) electrical transmission line allowing movement of power between Alberta and Montana. The MATL project, which was placed in service the fall of 2013, supports ongoing development of
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4352-520: Is now "the fourth Enbridge platform." Enbridge's ESG goals also aim to diversify its workforce with 28% representation from racial and ethnic groups and 40% from women by 2025. In 2021, Enbridge was recognized as one of Canada's top 100 employers for the 18th time, and as one of Canada's best diversity employers for the seventh time. In September 2023, it was announced Enbridge had agreed to acquire East Ohio Gas, Questar Gas, and Public Service Co. of North Carolina, from Dominion Energy for
4488-410: Is one of several "pooled investment portfolios" in Canada that allow for "client-controlled asset allocation for multiple public-sector pension plans and investment funds. Through pooled asset management, these entities achieve sufficient scale to produce significant cost savings through internal investment management and access to alternative asset classes." Through funds like these "Canada is emerging as
4624-628: Is the Alberta Minister of Finance. The Government funds managed by AIMCo are used for Albertan services such as health care, education, infrastructure and social programs. As a result, AIMCo invests in private equity, public equity, fixed income and private debt. On June 11, 2020, the United Conservative government introduced the Reform of Agencies, Boards and Commissions and Government Enterprises Act, 2019 (Bill 22) amending
4760-539: The Fiscal Management Act requiring the Government of Alberta to deposit to the Trust Fund five per cent of the first $ 10-billion of non-renewable resource revenue, 25 per cent of the next $ 5-billion and 50 per cent of all non-renewable resource revenue in excess of $ 15-billion. Based on a look back at non-renewable resource revenue between 2000 and 2013, on average, the proposal would have resulted in
4896-481: The Fraser Institute concluded that Alberta should be saving more of its non-renewable resource revenues. The report noted that since 1980, the non-renewable resource revenues in Alberta has generated almost $ 190-billion, but the value of the Heritage Fund was only $ 17.3-billion in 2014. After 1987, non-renewable resource revenue was no longer added to the Heritage Fund. The Fraser Institute report compared
5032-472: The Great Recession , reducing the fund's value to $ 14-billion. Peter Lougheed – whose government created the fund in 1976 – spoke critically of the fund's management and failure to diversify the Alberta economy, noting the fund was valued at $ 14-billion in 1985 when he retired from provincial politics. The fund did not recover these 2009 losses for another five years when
5168-858: The Sarnia Photovoltaic Power Plant and expanded it up to 80 MW, which was the world's largest photovoltaic power station at that time. In January 2017, Enbridge acquired Midcoast Energy Partners for $ 170 million in cash, and later in 2018, ArcLight acquired Midcoast Operating, L.P. from Enbridge for $ 1.1 billion. Enbridge released its first annual sustainability report in 2001, and in November 2020, Enbridge expanded its environmental, social and governance (ESG) goals and targets. The company aims to achieve net-zero greenhouse gas emissions by 2050, with an interim target to reduce emissions intensity by 35% by 2030. That same year, President and CEO Al Monaco said that renewable power
5304-609: The US$ 1.2-trillion sovereign wealth fund established in 1990 to invest surplus revenues of the Norwegian petroleum sector . Norway's fund has grown significantly, increasing in value by 13 times between 2002 and 2017, furthermore the Norwegian government is only able to withdraw up to 3 per cent of the fund's value each year, with the first withdrawal taking place in 2016. In their August 2015 contrast for The Globe and Mail between
5440-604: The Virginia Retirement System successfully recovered $ 204.5 million after co-leading the class action securities litigation against MF Global , a now defunct broker dealer. AIMCo was advised by Goldman Sachs under a consortium of underwriter defendants. AIMCo alongside long-term infrastructure investors Allianz Capital Partners (ACP) and Hastings Fund Management (Hastings) purchased Porterbrook Rail Finance Limited (Porterbook) for an undisclosed amount. This major rolling stock leasing UK company owns and manages
5576-684: The largest inland oil spill in the United States in 1991, when 1,700,000 U.S. gal (6,400 m ) of oil ruptured from a buried pipeline in Grand Rapids, Minnesota , spilling crude into a wetland and a tributary of the Mississippi River . Using data from Enbridge's own reports, the Polaris Institute calculated that 804 spills occurred on Enbridge pipelines between 1999 and 2010. These spills released approximately 161,475 barrels (25,672.5 m ) of crude oil into
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5712-586: The "economic collapse wrought by COVID-19 sent the S&;P 500 and other stock benchmarks on a roller coaster ride". In July 2022, AIMCo and its real estate investment partner in the United Kingdom, Ridgeback Group, bought a portfolio of build-to-rent assets in Cardiff, Birmingham, Sheffield and London for £283m from Angelo Gordon ; the investment doubled the overall AIMco / Ridgeback portfolio. When AIMCo
5848-701: The "political temptation" to "raid" the Fund and offered the Canadian Pension Plan Investment Board (CPPIB), a Crown corporation, the largest pension fund in Canada, as a model. By March 2015 the CPPIB fund had grown to $ 219-billion and made a 16.5 per cent rate-of-return in 2013. Max Fawcett, the editor of Alberta Oil magazine, warned that the newly proposed Alberta Future Fund from the Premier's Council for Economic Strategy, which
5984-421: The AIMCo board of directors, CEO Evan Siddall and other executives. According to former Board Chair, Kenneth Kroner, the government's report failed to judge AIMCo's performance against client-directed benchmarks, which determine how much of the pension fund's assets were allocated. Kroner argued the pension fund consistently exceeded these benchmarks. While the government cited a 96% rise in third-party fees and
6120-946: The Alaskan formula, by 2011 the Heritage Savings Trust Fund would have had a value of $ 42.4-billion instead of $ 9.1-billion. Under the Norway fund deposit requirements, Alberta's Heritage Savings Trust Fund would have reached $ 121.9-billion by 2011. In its annual report on the Canadian economy in February 2013, the Washington-based International Monetary Fund (IMF) urged Canada, and resource-rich provinces like Alberta and Quebec to "better manage boom-and-bust commodities cycles by stashing away more tax revenue in good times". IMF mission chief for Canada, Roberto Cardarelli, suggested that Norway, with
6256-505: The Alberta Heritage Fund to Norway's pension fund and Alaska's Alaska Permanent Fund and argued that Alberta's was significantly "smaller than others because of its relative under-funding and chronic withdrawals of most income from the fund." Alaska for example continued to deposit 25 per cent of its non-renewable resource revenue from 1982 to 2011 and Norway contributed 100 percent. The report noted if Alberta had followed
6392-674: The Alberta Heritage Savings Trust Fund Act, all income, less the amount required for inflation proofing, is used as revenue by the government. The Heritage Fund is a member of the International Forum of Sovereign Wealth Funds and is therefore signed up to the Santiago Principles on best practice in managing sovereign wealth funds. Pensions plans whose assets are managed by AIMCo include LAPP (Local Authorities Pension Plan),
6528-688: The Alberta Heritage Savings Trust Fund and the Norwegian Government Pension Fund Global , Brian Milner and Jeff Lewis wrote that Norway parks 100 per cent of its non-renewable resource revenue from royalties and dividends in a fund that is barred from investing a krone in the domestic economy, while the Heritage Savings Trust Fund has invested heavily in Alberta. Reports by the Canadian Centre for Policy Alternatives and
6664-740: The Alberta Investment Management Corporation Regulation board members must have demonstrable expertise in areas such as "investment management, finance, accounting or law" or have held senior executive positions. According to AIMCo's 2010/2011 Annual report, the Board of Directors meets six times every year with meetings scheduled one year in advance AIMCo is headquartered in Edmonton , Alberta with additional offices in Calgary , Toronto , London , Luxembourg , New York City , and Singapore . AIMCo
6800-698: The Alberta Teachers' Retirement Fund (ATRF), Public Service Pension Plan, Special Forces Pension Plan, Employment Pension Plans Act (EPPA), Public Service Pension Plan (PSPP), Management Employees Pension Plan (MEPP), Provincial Judges and Masters in Chambers Pension Plan (Registered) and Supplementary Retirement Plan for Provincial Judges and Masters in Chambers (Unregistered), and the Supplementary Retirement Plan for Public Service Managers. The sole shareholder of these plans
6936-739: The Boghill Creek, which eventually connects to the Assiniboine River. In the July 2010 Kalamazoo River oil spill , a leaking pipeline spilled more than 1,000,000 US gallons (3,800 m ) of oil sands crude oil into Talmadge Creek leading to the Kalamazoo River in southwest Michigan on July 26, near Marshall, Michigan . A United States Environmental Protection Agency update of the Kalamazoo River spill concluded
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#17327880892287072-408: The Canadian Oil and Gas Export Summit, protesting the proposed Enbridge Northern Gateway Project. On July 17, 2012, a group calling itself "We are the Kalamazoo" protested against Enbridge's response to the Kalamazoo spill and its plans to construct the line 6B pipeline. This protest was on the second anniversary of the Kalamazoo spill. On November 12, 2012, the Lansing State Journal reported that
7208-421: The Commercial Investment Division to hold a portfolio of securities, and the Energy Investment Division to make investments in energy capacity across Canada, which was closed shortly afterward owing to the National Energy Program. Eventually, Provincial Treasurer Lou Hyndman announced the province would indefinitely suspend the Canada Investment Division and the possibility of future inter-provincial loans issued by
7344-407: The East Ohio Gas Company, Questar Gas Company , and the Public Service Company of North Carolina. These companies serve 3 million customers in the states of Ohio, Utah, Wyoming, Idaho, and North Carolina. Upon completion of the acquisition, Enbridge Gas Inc. will become the largest natural gas utility in North America supplying 9 bcf/d to 7 million customers. Enbridge's pipeline was responsible for
7480-420: The Fund provided loans to provincial governments and Crown Corporations in the provinces of Newfoundland and Labrador, Nova Scotia , Manitoba , New Brunswick , Prince Edward Island , and Quebec through Hydro Quebec . Loans under the Canada Investment Division grew to $ 1.9-billion by the time the program was suspended in May 1984. In certain circumstances loans to other Canadian provinces failed to support
7616-427: The Fund's $ 11.8-billion assets placed in the Transition Portfolio. The Transition Portfolio invested primarily in interest-bearing securities for a steady stream of income, while the Endowment Portfolio was split between fixed-income securities and equities both between 35 and 65 per cent of the fund. The Alberta economy's recovery from the early 1990s recession was jumpstarted by the 2000s energy crisis , which saw
7752-432: The Government of Alberta, are generally invested in money market and short-term bonds. The Alberta Heritage Savings Trust Fund was created in 1976 by the Alberta Heritage Savings Trust Fund Act with three objectives: "to save for the future, to strengthen or diversify the economy, and to improve the quality of life of Albertans. Initially, the fund received 30 per cent of Alberta's non-renewable resource royalties. During
7888-408: The Gulf of Mexico. The company was formed by Imperial Oil in 1949 as the Interprovincial Pipe Line Company Limited to transport Alberta oil to refineries. Over time, it has grown through acquisition of other existing pipeline companies and the expansion of their projects. Enbridge has been responsible for several oil spills, including a spill on Line 3 , which was the largest inland oil spill in
8024-433: The Heritage Savings Trust Fund and the remaining $ 273-million applied to the provincial debt. Calls to amend the Alberta Heritage Savings Trust Fund legislation to make the fund "inflation-proof" dated back to the 1990s as successive governments withdrew large portions of the Fund's investment interest. The Alberta Heritage Savings Trust Fund Act (Bill 32) was introduced by the Progressive Conservative government during
8160-425: The Heritage Savings Trust Fund and withdrew all interest income from the fund into general revenues. The decision to suspend non-renewable natural resource deposits provided an estimated additional $ 216-million to the treasury, and an additional $ 1.4-billion in investment income transfers. The decision in effect capped the fund at $ 12.7-billion. The $ 1.4-billion investment income transfer amounted to 19.7 per cent of
8296-412: The Heritage Trust Fund. Funds would instead be used on investments in Alberta. The 1982-83 fiscal year marked the first occasion when income generated in the fund was utilized for general government purposes with the transfer of $ 866-million to Alberta's General Revenue Fund while retaining $ 1,986-million. Lougheed announced to Albertans that the " rainy day " had arrived and the government intended to put
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#17327880892288432-431: The IMF call for "stabilization funds" arguing that every province in Canada should consider establishing a sovereign wealth fund, as global peers have done, and treat non-renewable resource revenue as "capital to be saved and invested, rather than income to be spent." She added that in provinces like Alberta where the Fund already exists, it "should be implemented with a great deal more rigour." Drohan warned in 2013 against
8568-413: The Legislature further refined the purpose of the fund, stating it was not to transform Alberta into an "industrial state", stating he did not want smoke-stacks, but instead the "best jobs" and "brain power". Lougheed and the Progressive Conservative campaign was successful, and he returned to power with a strong majority government controlling 69 of 75 seats in the Legislature. The fund was created with
8704-438: The Lloydminster upgrader to Husky Oil only four years later in 1998 for $ 310-million, fully recovering Saskatchewan's investment in the project. The Heritage Savings Trust Fund has proven to be a target of criticism from a wide spectrum of authors and organizations representing many positions on social and economic scales. The Alberta Heritage Savings Trust Fund often draws comparisons to the Government Pension Fund of Norway ,
8840-420: The Norman Wells pipeline and joined Frontier Pipeline Company. In 1986, through a series of stakes exchanges, IPL gained control of Home Oil and in 1988, it changed its name to Interhome Energy Inc. In 1991, it changed its name to Interprovincial Pipe Line Inc. In 1992, Interprovincial Pipe Line Inc. was acquired by Interprovincial Pipe Line System Inc., which changed its name to IPL Energy Inc. in 1994, after
8976-547: The U.S. The merger was completed on February 27, 2017. The company is the largest transporter of crude oil in Canada with 3 million barrels per day of oil and liquids. The Enbridge Pipeline System is the world's longest crude oil and liquids pipeline system, with 27,564 km (17,127 mi) of active crude pipeline in both Canada and the United States. This pipeline network delivers 3 million barrels of oil per day. Enbridge delivered more than 3.77 billion barrels of crude oil in 2020, and more than 29.5 billion barrels over
9112-474: The US . Opposition to Enbridge projects has resulted in several popular uprisings, most notably the Dakota Access Pipeline protests , and the Stop Line 3 protests . The company was initially incorporated by Imperial Oil as Interprovincial Pipe Line Company (IPL) on April 30, 1949, after Canada's first major oil discovery, in 1947, at Leduc, Alberta . In the same year, the company built its first oil pipeline from Leduc to Regina, Saskatchewan . In 1950, it
9248-412: The United Conservative Party government added the Alberta Teachers' Retirement Fund to AIMCo's management portfolio, making it the investment manager for all public sector pensions in Alberta. By April 2020, AIMCo was managing approximately $ 119 billion in assets for 375,000 members of provincial public retirement programs and other public accounts, including the $ 18 billion Heritage Savings Trust Fund. By
9384-501: The United States and 13,681 km (8500 mi) of active pipe in Canada. The list below outlines eight of those lines. Enbridge's pipelines transport 20% of the natural gas consumed in the United States. It owns and operates Canada's largest natural gas distribution network, providing distribution services in Ontario and Quebec . Union Gas in Ontario now fully operates under Enbridge Gas Inc. In Quebec, Enbridge has interest ownership in Gazifère. Enbridge builds, owns and operates
9520-515: The absence of Legislature control over investments noting matters concerning investment are traditionally the prerogative of the government. The Alberta Heritage Savings Trust Fund's first year of operations saw the legislated deposit of $ 1,500-million in assets from the Government of Alberta, $ 620-million in deposits resulting from 30 per cent of the Province's non-renewable resource revenue, and $ 88-million in investment earnings. The initial $ 1,500-million transfer included $ 254.5-million in cash, with
9656-558: The absence of public consultation in the development of overarching legislation, Cabinet's control over 80 per cent of the fund's investments, leaving the Legislature with control over 20 per cent of the fund's assets. The Progressive Conservative government made concessions to give the Legislature power to vote on deposits made into the fund each year, but Premier Lougheed called giving the Legislature additional control over investments impractical, naïve and ridiculous. Progressive Conservative Government House Leader Lou Hyndman rationalized
9792-589: The acquisition of Consumers' Gas (now Enbridge Gas Inc.) and diversification into the gas distribution business. In addition, it acquired stakes in AltaGas Services and the electric utility of Cornwall, Ontario . Through the 1990s, the company expanded its gas pipeline network and acquired a stake in the Chicap oil pipeline. It also built the Athabasca Pipeline from northeastern Alberta to
9928-483: The allocation of all non-renewable resource royalties to make investments in firms, projects, and infrastructure that would encourage economic activity – without necessarily providing a financial return on investment. Despite the recommendations of the report, the Government did not create the Future Fund. Under Premier Alison Redford and Finance Minister Doug Horner , the 28th Legislature passed
10064-484: The asset management firm for the province of Alberta. AIMCo transferred control of the province's various financial assets, which had previously been managed by a division of the Alberta Ministry of Finance. AIMCo's mandate included managing the Heritage Savings Trust Fund from that point onward. Public criticism reignited in 2009 when it was announced the Heritage Savings Trust Fund had lost $ 3-billion during
10200-686: The business of business". The Alberta Heritage Savings Trust Fund was shifted away from strategic business investments to become a savings tool investing for financial return. Klein began the sell-off of the province's 15 per cent ownership in Syncrude in 1993, selling 5 per cent of the enterprise to Murphy Oil for $ 150-million. Alberta sold its 36 per cent stake in the Alberta Energy Company Ltd. (which eventually became Ovintiv ) for $ 476-million in May 1993, with $ 183-million returned to
10336-580: The diversion of interest revenue from the fund to general revenue had reached $ 15.4-billion in diversion, more than double the fund's 1993 value of $ 15.3-billion. The Alberta Heritage Savings Trust Fund underwent several changes with Ralph Klein 's successful leadership campaign for the Progressive Conservative party and subsequent success in the 1993 Alberta general election . Klein was a staunch believer that private enterprise should dictate market activity and government "should not be in
10472-404: The early 1980s, the fund made loans to other provincial governments in Canada. Later the fund's money was used for capital infrastructure projects. To date, over $ 33 billion has been made available to fund Albertans' priorities, such as health care, education, infrastructure and social programs. The Fund is managed with the goal of maximizing long-term real returns at a prudent level of risk. Under
10608-407: The early years, with a notable drop to $ 69.0 billion in 2009 due to a 10.1% loss. However, the corporation has shown consistent growth since then, reaching $ 100 billion in AUM by February 2018 and continuing to expand. AIMCo's investment performance has varied over the years, with annual returns ranging from 2.3% to 14.7% between 2009 and 2021. Notable years include 2013 with a 12.5% return, 2019 with
10744-589: The election, and Premier Lougheed used the opportunity to outline the policy behind the fund. The fund would be used to diversify and strengthen the Alberta economy , improve the capacity and quality of life for future Albertans, stimulate the economy and continue to accumulate interest on the principal. Furthermore, Lougheed stated the funds would not be invested in a way as to interfere with private sector activity, or disrupt existing financial institutions, and primarily be invested inside Alberta. Lougheed in debates in
10880-483: The end of 2023 AIMCo had $ 160.6 billion in assets under management. In November, 2024, Stephen Harper was named was named the new chair of AIMCo. In 2018 board members included J. Richard Bird as chair, Phyllis Clark, Helen Kearns, Ken Kroner, Jim Prieur, Tom Woods, Sharon Sallows, and Robert Vivian Jr. Talisman Energy's Jackie Sheppard was the newest member, replacing Harold Roozen, who served from 2011 until 2018 when he retired. IBM's Robert "Jay" Vivian Jr. had become
11016-429: The end of the 2021 calendar year, AIMCo had $ 168.3 billion in AUM. In November 2024, the Alberta government claimed that from 2019 to 2023, AIMCo's total fund return averaged 7.62% annually. The government reported that by the end of 2023 AIMCo had $ 160.6 billion in assets under management and posted an overall return of 6.9%, which was below its benchmark return of 8.7%. In November 2024, the Alberta government dismissed
11152-904: The environment. On July 4, 2002, an Enbridge pipeline ruptured in a marsh near the town of Cohasset, Minnesota , in Itasca County, spilling 6,000 barrels (950 m ) of crude oil. In an attempt to keep the oil from contaminating the Mississippi River , the Minnesota Department of Natural Resources set a controlled burn that lasted for one day and created a smoke plume about 1-mile (1.6 km) high and 5 miles (8.0 km) long. In 2006, there were 67 reportable spills totaling 5,663 barrels (900.3 m ) on Enbridge's energy and transportation and distribution system; in 2007 there were 65 reportable spills totalling 13,777 barrels (2,190.4 m ). On March 18, 2006, approximately 613 barrels (97.5 m ) of crude oil were released when
11288-514: The final payment was made. The growing provincial treasury led to three years of deposits in the Heritage Savings Trust Fund in 2005-06 ($ 1.75-billion), 2006-07 ($ 1.25-billion), and 2007-08 ($ 918-million); the first deposits to the Fund in 19 years. In 2008, the Government of Alberta created the Alberta Investment Management Corporation (AIMCo), a Crown corporation owned by the provincial government as
11424-478: The following contiguous pdfs for each report: Alberta Heritage Savings Trust Fund The Alberta Heritage Savings Trust Fund (HSTF) is a sovereign wealth fund established in 1976 by the Government of Alberta under then- Premier Peter Lougheed . The Heritage Savings Trust Fund was created with three objectives: "to save for the future, to strengthen or diversify the economy, and to improve
11560-410: The fourth session of the 23rd Alberta Legislature and received Royal Assent on May 23, 1996. The Act reorganized the fund, focusing on a period of temporary short-term investments for the benefit of the provincial treasury while transitioning the Fund to long-term investments by 2005. This change was facilitated through a separate "Transition Portfolio" and "Endowment Portfolio", with $ 10.6-billion of
11696-468: The fund claimed $ 2.8-billion on "deemed assets" which could not be liquidated or in any way recovered by the province. Furthermore, opposition MLAs Nicholas Taylor, and Sheldon Chumir claimed the fund created a needless backlash against Albertans in Toronto and Ottawa. As Alberta's economy continued to falter in the late 1980s, calls from both inside and outside Alberta were made to use the Fund to reduce
11832-551: The fund dropping to its 1985 value of $ 14 billion. The Alberta's Heritage Savings Trust Fund's fair market value was listed at $ 17.5 billion in 2014, and $ 16.3-billion as of 2020. The Progressive Conservative government under Premier Peter Lougheed swept into power after the 1971 election ending the 36-year Social Credit government. The Progressive Conservatives promised change and began quickly with public consultations on energy policy. The previous Social Credit government limited royalties on oil and gas at 16.6 per cent, which
11968-405: The fund's assets invested in projects with long-term economic or social benefits to Albertans. The Canada Investment Division with up to 15 per cent of the fund's assets made loans to other governments or government agencies in Canada. The Alberta Investment Division sought opportunities in Alberta where investments would strengthen and diversify the economy . The fund was initially criticized for
12104-533: The fund. Non-renewable resource revenue included any revenue received by the Alberta government related to agreements or bonuses under the Mines and Minerals Act , including royalty or in lieu of royalty for bituminous sands leases. The Act also created the 15-person Legislature Committee to review the operations of the fund, but not manage any of the investments. The fund was divided into three investment divisions. The Capital Projects Division with up to 20 per cent of
12240-612: The goals of the Heritage Savings Trust Fund, as the Province of Quebec used loans to subsidize agricultural development in the early 1980s, leadings to a reduction in Alberta livestock exports to Quebec. Under Peter Lougheed, $ 25.5-million from the Heritage Savings Trust Fund was used for the construction of the Kananaskis Country Golf Course as a measure to promote the diversification of the province's economy. The Alberta Heritage Savings Trust Fund has had
12376-473: The head of the Line 6B Pipeline project stated that he had never seen as much organized landowner resistance despite 30 years in the pipeline industry. They noted that this was probably because of the 2010 Kalamazoo River spill. In May 2013, Hamilton area residents protested the reversal of flow in Line 9 and temporarily closed Ontario Highway 6 . Later that year, on June 6, 2013, a group called Hamilton 350 sent
12512-423: The inflation-adjusted price of a barrel of crude oil on NYMEX rise above US$ 30 in 2003, reached US$ 60 by 11 August 2005, and peaked at US$ 147.30 in July 2008. Provincial government revenues from oil and gas royalties grew leading Premier Klein to declare the province "debt free" in July 2004; this included the province having set aside enough money to make payments on outstanding locked-in debts until 2013 when
12648-641: The largest integrated underground storage facility in Canada, and one of North America's top natural gas trading hubs. Enbridge's natural gas distribution also includes interest ownership in two additional natural gas distributors. This includes Gazfiére, serving people in Outaouais region of Quebec, and Ènergir LP, a company that operates gas transmission, gas distribution, and power distribution throughout Quebec and Vermont. In September 2023, Enbridge agreed to acquire three natural gas utility companies from Dominion Energy for $ 14 billion. The companies include
12784-526: The largest sovereign wealth fund, is an example Canada should follow; the suggestion to Canada missed that, unlike Norway, resource royalties are a provincial level revenue stream, not a federal level revenue stream In 2013 Madelaine Drohan , author of the Canadian International Council report entitled The 9 Habits of Highly Effective Resource Economies: Lessons for Canada , and a Canadian correspondent for The Economist , echoed
12920-531: The loss, the fund quickly changed their volatility strategies and CEO Kevin Uebelein announced he would leave AIMCo by June 2021. AIMCo's board of directors completed a review of the VOLTS Investment Strategy in June 2020, AIMCo adopted the ten recommendations of the review intended to prevent a reoccurrence of the severe losses, but did not prohibit the fund from engaging in volatility or other derivative-based investment strategies. Furthermore,
13056-463: The main pipeline system. In 1995, the company expanded its activities outside of North America by taking a stake in the Ocensa pipeline . This stake was sold in 2009. IPL Energy became Enbridge Inc in 1998. The Enbridge name is a portmanteau from "energy" and "bridge". In the 2000s, Enbridge introduced several large projects. Enbridge made their first investment into renewable energy in 2002 with
13192-453: The market value returned to $ 17-billion in 2014. Premier Ed Stelmach formed the Premier's Council for Economic Strategy in 2011. The council's report, Shaping Alberta's Future , proposed several government programs and policies for Alberta to remain competitive into the 2040s. Among the suggested programs was the creation of a Shaping the Future Fund, similar to the Heritage Savings Trust Fund. The proposed Future Fund would be funded through
13328-431: The oil filled a hole more than 20 feet (6.1 m) deep and contaminated the local water table. In April 2007, roughly 6,227 barrels (990.0 m ) of crude oil spilled into a field downstream of an Enbridge pumping station near Glenavon, Saskatchewan. In January 2009, an Enbridge pipeline leaked about 4,000 barrels (640 m ) of oil southeast of Fort McMurray at the company's Cheecham Terminal tank farm. Most of
13464-578: The open market. The highest credit rating and default benchmark for all other provinces was Ontario Hydro , although neither Ontario Hydro nor the Government of Ontario borrowed from the Fund. The Lougheed government also lifted the ban on loans to the Province of Quebec in September 1979. The Alberta Heritage Savings Trust Fund would go through several changes in the early 1980s under Premier Peter Lougheed's Progressive Conservative government. The provincial government created two new investment divisions,
13600-409: The optics of a balanced budget before a snap election. Only a month after the announcement the 19th Alberta Legislature was dissolved and an election was called for November 2, 1982 . The Don Getty -led Progressive Conservative government facing deteriorating economic conditions and low oil prices tabled a 1987-88 budget that terminated the 15 per cent non-renewable natural resource deposits into
13736-408: The passage of The Alberta Heritage Savings Trust Fund Act (Bill 35) during the second session of the 18th Alberta Legislature , receiving Royal Assent on May 19, 1976. The bill legislated the transfer of $ 1.5-billion (equivalent to $ 7,577,000,000 in 2023) in assets from the Province's General Revenue Fund and committed 30 per cent of the province's annual non-renewable resource revenue into
13872-480: The past decade, from 2011 through 2020 inclusive. Enbridge has several new capacities and expansion projects, including the expansion of the Alberta Clipper , replacing of Line 6B, reversal of Line 9 and others. Its Light Oil Market Access initiative is a project to deliver light crude oil from North Dakota and Western Canada to refineries in Ontario, Quebec, and the U.S. Midwest. Eastern Access, including
14008-675: The pipeline rupture "caused the largest inland oil spill in Midwest history" and reported the cost of the cleanup at $ 36.7 million (US) as of November 14, 2011. PHMSA raised concerns in a Corrective Action Order (CAO) about numerous anomalies that had been detected on this pipeline by internal line inspection tools, yet Enbridge had failed to check a number of those anomalies in the field. The Michigan spill affected more than 31 miles (50 km) of waterways and wetlands and about 320 people reported symptoms from crude oil exposure. The National Transportation Safety Board said at $ 800 million, it
14144-535: The project for a commitment of $ 404-million. The Lloydminster upgrader came in 28 per cent above budget at $ 1.63-billion well above budget, and the book value of the plant was listed at $ 148-million. The Alberta government decided to sell the remaining ownership of the plant in 1994 to be absolved of any more liabilities with the project, selling its share in the plant to the Government of Saskatchewan and Husky Oil for $ 32 million. The Government of Saskatchewan under Premier Roy Romanow sold their 50 per cent interest in
14280-408: The province of Newfoundland and Labrador for $ 50-million for 21 years at a 10 per cent coupon . Alberta amended the policy on Canada Investment Division loans in the 1979-80 fiscal year to allow all provincial governments to borrow at the interest rate of the province with the strongest creditworthiness , a benefit for provinces who would otherwise be required to borrow at higher interest rates on
14416-542: The province of Alberta received $ 101.3-billion in resource revenues. The authors argued that $ 49.2-billion on programs above inflation and population growth—a deposit of 25 per cent of resource revenues equaling $ 25.3-billion, into the Heritage Fund would not have been unreasonable had program spending been more carefully controlled. The Frasier Institute criticized the province's deposited of $ 4.5-billion during that period which equaled 4.5 per cent of all resource revenues during that period. Enbridge Enbridge Inc.
14552-489: The province's revenue in 1987, exceeding personal income tax by approximately $ 230-million. The opposition to the Alberta Heritage Savings Trust Fund grew in Alberta in the 1980s. A green paper on the fund produced by the opposition Liberal Party claimed the value of the fund was half of what the government claimed as many of the assets could not be reasonably sold or liquidated, such as infrastructure upgrades in provincial parks. The Auditor General raised similar concerns as
14688-400: The provincial deficit or pay off provincial debt, however, the Progressive Conservative government was unwilling to reduce the principle of the fund. The Don Getty government faced continued criticism over the handling of the Heritage Savings Trust Fund, particularly the dwindling principal which had seen four consecutive years of reduction by 1991. The funds continued reductions were in part
14824-504: The purchase of a wind farm . In 2006, it announced the Enbridge Northern Gateway Pipelines Project from Athabasca to Kitimat, British Columbia . The same year, it announced the Alberta Clipper pipeline project from Hardisty, Alberta to Superior, Wisconsin, to connect oil sands production area with the existing network. This pipeline became operational in 2010. In 2009, Enbridge bought
14960-505: The purchase of a wind farm. To date Enbridge has invested in 23 wind farms, 7 solar energy projects, 5 waste heat recovery facilities, 1 geothermal project, 1 power transmission project and 1 hydroelectric facility. Enbridge has a growing interest in European offshore wind energy, and its renewable assets are part of the company's plan to achieve net-zero emissions by 2050. In 2020, President and CEO Al Monaco said that renewable power
15096-647: The purchase was a fit for AIMCo. Northern Courier, which was completed in 2017 has an ongoing contract to ship the Fort Hills Reduced Carbon Life Cycle Dilbit Blend (FRB) to the terminal near Fort McMurray that is owned by Suncor Energy . FRB is produced through a Froth treatment method. AIMCo lost much more than other "comparable funds" in February and March 2020, the initial weeks of the COVID-19 recession , by having investments "in contracts that pay off only if stock markets remain stable". AIMCo lost $ 4 billion when
15232-518: The quality of life of Albertans." The operations of the Heritage Savings Trust Fund are subject to the Alberta Heritage Savings Trust Fund Act and with the goal of providing "prudent stewardship of the savings from Alberta's non-renewable resources by providing the greatest financial returns on those savings for current and future generations of Albertans." Between 1976 and 1983 the Government of Alberta deposited
15368-484: The recession, resulting in a total loss in book value of approximately 10 per cent, with a September 2020 month-end value of $ 17.2 billion. As of year-end 2021, the market value of the Trust Fund had risen to $ 18.9 billion. The Alberta Heritage Savings Trust Fund has made a number of different investments in Alberta and Canada since its incorporation in 1976. Under the Canada Investment Division,
15504-597: The remaining assets including debentures from the Alberta Housing Corporation, Alberta Home Mortgage Corporation, Alberta Government Telephones , and Alberta Municipal Financing Corporation; as well as shares from Alberta Energy Company , Syncrude Canada Limited , and Canada-Cities Service Limited. The first investment of the Canada Division was the March 8, 1977, private placement loan to
15640-424: The report indicated the risk culture in the organization was "unsatisfactory", and senior leaders were not provided enough information about the risks to investments in a timely manner. "AIMCo Annual Report" . Alberta Investment Management Corporation . Retrieved February 18, 2023 . Main webpage with links to non-contiguous pages in each year's report (including exact date of release), plus secondary links to
15776-572: The response by AIMCo to the recent losses attributed to the volatile investment strategy as the reason for the move. In April 2020, AIMCo reported a $ 2.1-billion loss following the 2020 stock market crash . The loss was attributed to a volatility-based investment strategy (VOLTS); the strategy was described as a "blunder" by the New York City based trade publication Institutional Investor . The loss represented approximately one-third of AIMCo's 2019 net investment income of $ 11.5-billion. Following
15912-600: The river per the EPA's order. On September 9, 2010, a broken water line caused a rupture on Enbridge's Line 6A pipeline near Romeoville, Illinois , releasing an estimated 7,500 barrels (1,190 m ) of oil into the surrounding area. On June 22, 2013, Enbridge subsidiary Athabasca pipelines reported a pipeline leak of approximately 750 barrels of light synthetic crude oil from Line 37 near Enbridge's Cheecham, Alberta, terminal about 70 kilometres (43 mi) southeast of Fort McMurray . The 17-kilometre-long, 12-inch diameter pipe
16048-464: The second largest shareholder of Howard Energy Partners, acquiring a 28% stake from EnLink Midstream Partners, LP. This transaction followed AIMCo's initial investment in August 2016 which allowed for the purchase of up to $ 500 million of Series B preferred units. AIMCo provided loans to companies such as the privately owned Calfrac Well Services , a large hydraulic fracturing company, which entered into
16184-531: The spilled oil was contained within berms but about 1% of the oil, about 40 barrels (6.4 m ), sprayed into the air and coated nearby snow and trees. On January 2, 2010, Enbridge's Line 2 ruptured near Neche, North Dakota , releasing about 3,784 barrels of crude oil, of which 2,237 barrels (355.7 m ) was recovered. In April 2010, an Enbridge pipeline ruptured spilling more than 9.5 barrels (1.51 m ) of oil in Virden, Manitoba . This oil leaked into
16320-576: The time. The provincial government claimed the change would lead to increase in annual return on investments of up to $ 500 million. Under the leadership of its first CEO, Leo de Bever, AIMCo quickly made significant investments both domestically and internationally. These included stakes in Spanish pipelines, English waterworks, and Puget Sound Energy in Washington, as well as Canadian companies like KMC Mining Corp and Precision Drilling. By 2015, AIMCo
16456-493: The transfer in place for a rate of 15 per cent. The following year, the Fund transferred $ 1,469-million to general revenue and retained $ 720-million. Criticism mounted on Peter Lougheed and the Progressive Conservative government from the opposition, with Western Canada Concept leader Gordon Kesler calling the decision "disastrous" and an example of the government's poor financial planning, while Liberal leader Nicholas Taylor called attention to bloated government programs and
16592-641: Was accelerated due to the 1973 energy crisis , and legislated royalty increases into existing mineral lease contracts. Other major policy changes included expanding the mandate of the government-owned pipeline Alberta Gas Trunk Lines to include upgrading activities. Finally, the government created the Alberta Energy Company with $ 150-million, half of which was provided by the Legislature and the other half came from Albertans who could purchase $ 10 shares. The Alberta Heritage Savings Trust Fund
16728-553: Was constructed in 2006 and links the Long Lake oilsands upgrader to the Cheetham terminal as part of Enbridge's Athabasca system. Unusually heavy rainfall in the region, also responsible for the 2013 Alberta floods , may have caused "ground movement on the right-of way that may have impacted the pipeline." Enbridge's Athabasca (Line 19) shares a portion of right of way with Line 37 and Enbridge's Wood Buffalo/Waupisoo (Line 75/18),
16864-674: Was created on January 1, 2008, it had a staff of 137. By December 31, 2016, the number of employees has grown to 425, across the organization's Investment Management and Risk teams, Investment Operations, and Corporate Services. AIMCo manages funds for a diverse group of Alberta public sector clients. It creates portfolios that reflect the clients' chosen risk and return profiles. The majority of AIMCo's assets under management come from Alberta public sector pension plans and provincial endowment funds. Collectively known as AIMCo's Balanced Funds, these clients are primarily invested in equities, bonds and inflation sensitive products. Other assets, managed for
17000-421: Was dissolved only days later and the 1975 Alberta general election was scheduled for March 26. Former Progressive Conservative Cabinet Minister Allan Warrack claims the decision to introduce the legislation knowing the legislature would be dissolved was intentional to allow widespread public review, transparency, and accountability. The proposed Alberta Heritage Savings Trust Fund became a central issue during
17136-522: Was established in 2008 as a crown corporation to consolidate and manage Alberta's public sector investments. The Progressive Conservative government introduced the Alberta Investment Management Corporation Act in 2007, aiming to improve investment returns by up to $ 500 million annually. AIMCo took over $ 70 billion in assets from the provincial finance department, becoming Canada's fifth-largest investment fund at
17272-497: Was expanded through Gretna, Manitoba , to Superior, Wisconsin , in the United States. To operate the United States portion of the pipeline, the Lakehead Pipe Line Company (now Enbridge Energy Partners) was created. In 1953, the pipeline was expanded to Sarnia, Ontario , and in 1956 to Toronto and Buffalo, New York . In 1953, IPL was listed on the Toronto and Montreal stock exchanges. In 1983, IPL built
17408-442: Was first named as AIMCo CEO to replace outgoing chairman Charles Baillie in 2014. The Lieutenant Governor of Alberta appoints all members of AIMCo's board. AIMCo was established as a crown corporation by the Province of Alberta to provide independent, arms length investment management services to designated pension funds and provincial public sector bodies and funds, with strong accountability for its investment decisions. According to
17544-671: Was formed in late 2006 as a spin-off from Duke Energy . Spectra owned the Texas Eastern Pipeline (TETCo), a major natural gas pipeline transporting gas from the Gulf of Mexico coast in Texas to the New York City area; TETCo was one of the largest pipeline systems in the United States. Spectra also operated three oil pipelines , numerous other gas pipelines and was proposing to build still 3 more gas pipelines in
17680-553: Was managing a diverse portfolio of endowment funds, pension plans, government funds, and specialty funds, achieving a 9.1% total fund net return for its clients. AIMCo continued to grow and evolve, purchasing HSBC Place in Edmonton in 2017 to serve as its headquarters. The corporation manages assets for various pension plans, including the Local Authorities Pension Plan (LAPP), its largest client. In 2019,
17816-414: Was only $ 17.3 billion. The fund was established in 1976 accruing 30 per cent of provincial non-renewable resource revenues, which was subsequently lowered to 15 per cent in 1983 and eliminated in 1987. The Heritage Savings Trust Fund has not been immune to market forces, gaining and losing value according to general market trends. This includes a $ 3-billion loss during the 2009 Great Recession resulting in
17952-475: Was proposed in 1974 legislation was decided to include the first announced in the 1975-1976 election budget tabled by the Progressive Conservative government led by Premier Peter Lougheed in the 17th Legislature in February 1975. The fund would be established to hold $ 1.5-billion, and scarce details were provided by Provincial Treasurer Gordon Miniely , noting that the fund would be for the betterment of current and future Albertans. The 17th Legislative Assembly
18088-478: Was set to receive $ 200-million a year to "support big-picture projects" and the two "new innovation endowments" announced by Finance Minister Doug Horner in the 2014 budget, would be funded by raiding the Alberta Heritage Savings Trust Fund. There were no new savings. The 2015 Fraser Institute report titled Fumbling the Alberta Advantage , noted that between 2005 and 2014, and adjusted for inflation,
18224-538: Was sold in 1996 for $ 28-million. The Alberta-Pacific pulp mill in Athabasca was provided a $ 260-million loan in 1991, and following low pulp prices, the Klein government wrote off $ 155-million in interest and sold the loan in 1998. The governments of Alberta, Saskatchewan and Canada took severe losses on the Lloydminster Bi-Provincial Upgrader during the early 1990s, the Heritage Savings Trust Fund held 24.17 per cent of
18360-515: Was the costliest onshore spill cleanup in U.S. history. The NTSB found Enbridge knew of a defect in the pipeline five years before it burst. In June 2013, a Kalamazoo man lodged himself into an Enbridge pipeline in Marshall, MI to protest Enbridge's lack of accountability for the 2010 spill and to encourage landowners along Enbridge's Line 6B expansion to offer increased resistance to construction in 2013. In 2014, Enbridge completed cleanup of
18496-458: Was written into each mineral lease. The result of the consultation and government analysis concluded public ownership share of energy resources should be higher, oil and natural gas were priced below value, resource upgrading and employment in Alberta must be increased, and Albertans deserved greater investment opportunity for public-owned resources. The government of Alberta made efforts to increase export prices of oil and natural gas in 1972, which
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