New Democratic Win in Alberta Sends Energy Shares Sliding
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(Bloomberg) -- Canadian energy stocks from Suncor EnergyInc. to Enbridge Inc. tumbled after the New Democratic Partyswept to power in Alberta, pledging to raise corporate taxes inan industry already buffeted by low oil prices and stalledpipelines.
The NDP, led by Rachel Notley, ended a 44-year ProgressiveConservative dynasty by winning a majority of districts inelections Tuesday, according to Elections Alberta. The NDPpromises to boost corporate taxes, review the government’s takeof energy revenue, scale back advocacy for pipelines and phaseout coal power more quickly.