EnCana confirmed that by November 30, 2009 it plans to split into Cenovus Energy, an integrated oil company, and Encana (GasCo), a natural gas company. Encana stated that "access to debt and availability of debt at a reasonable price" was a primary consideration for the company choosing to go ahead with the split. The company also noted Encana’s drilling in its natural gas shale plays has made the company even more aware of the shale’s "enormous potential and increased our confidence in our ability to grow these prolific new natural gas supplies from the Montney (and) Horn River" plays. Encana also stated the conversion into two independent, premium companies "unlocks greater long-term shareholder value from industry-leading North American assets."
Prime Minister Stephen Harper stated PetroChina’s $1.9 billion bid for a 60% working interest in two thermal in situ Athabasca Oil Sands projects will be subject to Canada’s existing foreign ownership laws. Currently, any foreign purchase of Canadian assets valued at greater than $312 million is subject to an automatic review. Present laws also permit the government to prevent such purchase if it believes the foreign investment would affect national security. However, Mr. Harper has been quoted as stating, "We’ve been very clear that in the middle of a global recession we will not be introducing further barriers to foreign investment."
Canadian Hydro Developers, Canada’s largest renewable energy company, is looking to buy the rights to what may be the largest offshore wind farm in the world. The 4,400 megawatt wind prospect is located in one of the Great Lakes which borders the province of Ontario, and could supply enough renewable energy to power over two million homes.
Canadian Hydro Developers has also just recently entered into a definitive pre-acquisition agreement with TransAlta Corporation. TransAlta will amend its existing offer to acquire all of the issued and outstanding common shares of Canadian Hydro, for a total value of approximately $1.6 billion, and is stated to have the unanimous support of both companies’ Boards of Directors. TransAlta and Canadian Hydro will have net generation capacity of 8,657 megawatts in operation, on a combined basis.