Canada must respond to North America's new energy reality by pursuing its own geopolitical interests

Canada must respond to North America's new energy reality by pursuing its own 
geopolitical interests 
Hon. Jim Prentice, Vice Chairman of CIBC, says Canada's interests are best 
served by a continued open and free energy marketplace 
HALIFAX, April 30, 2013 /CNW/ - CIBC (TSX: CM) (NYSE: CM) - Canada must 
continue to fight for a North American energy marketplace that is free of 
national and sub-national impediments, says the Honorable Jim Prentice, Senior 
Executive Vice-President and Vice Chairman of CIBC. 
Speaking to the Maritimes Energy Association in Halifax, Mr. Prentice said 
that the unprecedented evolution of the North American energy marketplace in 
the last five years has made energy independence a reality - a reality that 
will have a lasting and positive influence on both the prosperity and the 
security of North America. 
But he told his audience that the rapid increase in U.S. domestic oil 
production means that the American need for Canadian energy is declining. 
"What we cannot afford to do as Canadians is to take our energy relationship 
with the U.S. for granted," said Mr. Prentice. 
"That means being vigilant in watching for and resisting impediments to its 
function and health. In particular, we must resist the emergence of 
sub-national standards that threaten to infringe on both the spirit and the 
letter of our free trade agreements. We must stand against American interests 
who seek policy outcomes that would game against Canadian energy producers. 
"And so it is incumbent on us as Canadians to remind them of their commitment 
to a free and open energy marketplace - and of the benefits that this market 
has brought and will continue to bring. Interventions by government, while 
well meaning, are nevertheless potentially damaging and counter-productive." 
He noted that Canada has the potential to develop 25,000 MW of 
hydroelectricity over the next 25 years, including more than 3,000 MW from the 
Lower Churchill Project. Lower Churchill would create more than 16,000 person 
years of employment in Atlantic Canada and deliver sufficient power not only 
to meet the needs of the people of Newfoundland and Labrador but also for 
export through the Maritime Link to Nova Scotia and other jurisdictions. 
Protecting the ability for Lower Churchill and other hydroelectricity projects 
to have free market access to U.S. jurisdictions is in both countries 
interests said Mr. Prentice. "If we work together and clear away the growing 
number of irritants, we can produce a cleaner energy system - with Canadian 
hydro serving as a storehouse of North American energy, available as needed at 
the flick of a switch. 
"A greater reliance on Canadian hydro would also position the North American 
continent to secure not only an economic but also an environmental advantage - 
achieving meaningful emission reductions even as our prosperity continues to 
grow, and enabling our continent to achieve the benefits of a low-carbon 
future ahead of other jurisdictions. It is therefore essential that Canada 
strive to ensure the U.S. marketplace remains open to our hydro exports." 
Mr. Prentice believes that it is important that the Canadian and U.S. federal 
governments establish working groups with real teeth that would set 
bi-national policies and agreements that advance our shared competitive 
advantage. He would also like to see the elimination of "discordant 
regulations that, in the end, will aid in advancing the prosperity of neither 
country". 
"Canada must respond to the continent's new energy reality by pursuing its own 
geopolitical interests as one of the world's largest energy suppliers," said 
Mr. Prentice. "We can press for a continued, open continental market while at 
the same time moving with purpose to meet the current and future needs of our 
existing and potential customers. 
"If we play our cards right, there will be profound opportunities for Atlantic 
Canada and for our country as a whole." 
A copy of Mr. Prentice's speech is available at: 
http://files.newswire.ca/256/PrenticeSpeech.pdf 
CIBC is a leading North American financial institution with nearly 11 million 
personal banking and business clients. CIBC offers a full range of products 
and services through its comprehensive electronic banking network, branches 
and offices across Canada, and has offices in the United States and around the 
world. You can find other news releases and information about CIBC in our 
Press Centre on our corporate website at www.cibc.com. 
Kevin Dove, Head of External Communications at 
416-980-8835,kevin.dove@cibc.ca. 
PDF available at:  
http://stream1.newswire.ca/media/2013/04/30/20130430_C9975_DOC_EN_26169.pdf 
SOURCE: CIBC 
To view this news release in HTML formatting, please use the following URL: 
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CO: Canadian Imperial Bank of Commerce
ST: Nova Scotia
NI: FIN MED  
-0- Apr/30/2013 17:08 GMT
 
 
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