‘They are very concerned’: ATCO CEO says Alberta separation conversation is scaring potential investors

Some Alberta business leaders say questions about separatism are already having a negative effect on provincial investment.

Leaders in Alberta’s business community say talk of provincial separation is already scaring away potential investment.

ATCO held its annual shareholder’s meeting in Calgary on Wednesday.

During the sit-down, the energy company’s leadership team spoke at length about first-quarter earnings – and all the ways in which American tariffs, Canadian voting and an unpredictable market have made the start of 2025 somewhat chaotic.

• Sign up for breaking news alerts from CTV News, right at your fingertips
• The information you need to know, sent directly to you: Download the CTV News App

CEO Nancy Southern says the biggest challenge lies in the threat of Alberta sovereignty.

“This discussion of separation should have no oxygen,” she told reporters.

“It’s impacting investments now as we look to having partners for our large projects that are from offshore. Our Japanese partners or our South Korean partners want to invest in a multi-billion-dollar plant in the heart of Alberta and say, ‘Well, what are the rules going to be? What’s the currency going to be? Is there security around this? Who’s going to trade with this? How do we get to tidewater? How do we get our product to our country?’

“They are very concerned.”

Southern expressed her concern about “elevating” the conversation of separatism – saying she understands the premier has a tough job but that she has to give the new faces in Ottawa a chance to work.

“This is our opportunity to now work together with a new prime minister and new cabinet and see if we can’t get ourselves out of the way and actually deliver on this energy superpower that we all want to see,” Southern said.

“The prime minister is a man of his word, and I say that from longtime friendship and acquaintance (with him).”

“He understands economies. He understands monetary policy.”

Smith has said she supports a “strong Alberta in a united Canada.”

She’s presented the feds with a list of demands – most of them energy-focused – that she claims will turn the temperature down and allow the province to thrive.

Smith has been a vocal supporter of east-west pipelines, and Southern agrees that major projects like that would be a great first step towards national unity.

The ATCO head would also like to see interprovincial trade barriers nixed in an effort to streamline trade and transport.

“We need to actually get our infrastructure built with pace because it takes a long time,” Southern said.

Former premier on ‘crackpot’ separation idea

Former Alberta Premier Jason Kenney is on ATCO’s Board of Directors.

He tells CTV News he isn’t worried about Alberta leaving – but he is concerned about the economic impacts of the conversation alone.

“For me, you can’t be a conditional Canadian,” Kenney said.

“The idea of separating is just a crackpot idea to become a landlocked province with no coastal access, losing all of our trade agreements, having to build our own military. Nobody’s thought that through. And I think the cost in terms of investor confidence would be massive.”

Kenney says he remembers what happened in Quebec when that province dipped its toes in the separation pool. He doesn’t want a repeat.

“Hundreds of thousands of people left corporate headquarters, billions of dollars left,” he said. “And for 50 years, they’ve been paying the price of the uncertainty created.”

As for what should be done, Kenney stresses he’d like to see a firmer stance taken: that means no referendum and a return to a higher bar for citizens to bring forward public vote ideas.

“Separatists have been organizing in this province since about 1980,” he told CTV News.

“They’ve had 12 federal elections and 12 provincial elections to get someone elected, but in those 24 elections since, they’ve won one seat in a byelection in rural Alberta for a year. And that’s it.”

“These guys have had a chance to get elected like they did in Quebec, and they have failed spectacularly because they do not have broad public support. Why should we allow a micro-minority like that – that can’t get one MP or one MLA elected – to drive a huge wedge through our society to shake investor and business confidence in this province?”

“I think we’re letting the tail wag the dog.”