{"id":55786,"date":"2025-02-03T14:55:03","date_gmt":"2025-02-03T14:55:03","guid":{"rendered":"https:\/\/www.pantheregroup.com\/2025\/02\/03\/canadas-electricity-is-a-bargaining-chip-to-end-u-s-tariffs\/"},"modified":"2025-02-03T14:55:03","modified_gmt":"2025-02-03T14:55:03","slug":"canadas-electricity-is-a-bargaining-chip-to-end-u-s-tariffs","status":"publish","type":"post","link":"https:\/\/www.pantheregroup.com\/2025\/02\/03\/canadas-electricity-is-a-bargaining-chip-to-end-u-s-tariffs\/","title":{"rendered":"Canada&#8217;s electricity is a bargaining chip to end U.S. tariffs"},"content":{"rendered":"<div style=\"text-align:center\"><\/div><p> \n<\/p>\n<div id=\"\">\n<header aria-label=\"Beginning of Article\" class=\"article-header article-header--story\">\n<nav aria-label=\"Breadcrumb\" class=\"breadcrumbs\" data-aqa=\"nav-breadcrumb\">\n<p>Breadcrumb Trail Links<\/p>\n<ol class=\"breadcrumbs__items list-unstyled\">\n<li class=\"breadcrumbs__item\">Commodities<\/li>\n<li class=\"breadcrumbs__item\">Energy<\/li>\n<li class=\"breadcrumbs__item\">News<\/li>\n<\/ol>\n<\/nav>\n<div class=\"article-header__detail\">\n<div class=\"article-header__detail__texts\">\n<p class=\"article-subtitle\">Canada exports significantly more electricity to the U.S. than it imports but this energy trade is complicated<\/p>\n<div class=\"callout callout--noindent flex-align-center flex-justify-between\" data-evt-val=\"{\" control_fields=\"\" data-evt=\"visible\" data-evt-typ=\"element_view\"><span class=\"callout__text\"> Get the latest from Gabriel Friedman straight to your inbox <\/span><button class=\"button button--icon button--primary-alt\" data-id-login-redirect=\"https:\/\/financialpost.com\/author\/gfriedmanpostmedia\/newsletters\/\" type=\"button\"><span class=\"button__text\">Sign Up<\/span> <span aria-hidden=\"true\" class=\"button__icon\"> <svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewbox=\"0 0 11 11\" width=\"11\"><polygon points=\"1.1 0 7 6 1.1 12 0 10.9 4.8 6 0 1.1\"\/><\/svg> <\/span><\/button><\/div>\n<div class=\"article-meta\">\n<p><span class=\"published-date__since\">Published Feb 03, 2025<\/span> \u00a0\u2022\u00a0 <span class=\"updated-date__since\">Last updated 11\u00a0hours ago<\/span> \u00a0\u2022\u00a0 <span class=\"published-date__word-count\">4 minute read<\/span><\/p>\n<div class=\"article-meta__bottom\">\n<div class=\"bookmark-wrapper\">\n<div class=\"popover\" data-aqa=\"popover\" data-click-to-appear=\"True\" data-container=\"\" data-container-offset=\"\" data-no-style=\"\" data-popover-component=\"\" data-position=\"top\" data-sticky=\"\" data-tail-offset=\"200\" data-tail-position=\"right\"><button class=\"popover__trigger bookmark-button\"><span class=\"save-article-button save-article-button--default\" title=\"Save article\" data-article-id=\"1145de3f-10ca-4770-a6f8-d28463e3dbaf\" data-evt-skip-click=\"true\"\/><\/button><\/p>\n<div aria-describedby=\"popover-desc-popover-bookmark\" class=\"popover__content\" hidden=\"\" role=\"dialog\">\n<div class=\"popover__content__wrapper\">\n<div class=\"popover__content__text\" id=\"popover-desc-popover-bookmark\">\n<div class=\"bookmark__popover__content\">\n<p>You can save this article by registering for free here. Or sign-in if you have an account.<\/p>\n<\/div>\n<\/div>\n<p><button class=\"popover__content__close\" data-evt-skip-click=\"true\" title=\"Close\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" xmlns:xlink=\"http:\/\/www.w3.org\/1999\/xlink\" viewbox=\"0 0 12 12\" class=\"icon--close\" height=\"12\" version=\"1.1\" width=\"12\"><polygon points=\"12 0.95 11.05 0 6 5.05 0.95 0 0 0.95 5.05 6 0 11.05 0.95 12 6 6.95 11.05 12 12 11.05 6.95 6\"\/><\/svg><\/button><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<figure class=\"featured-image\" data-aqa=\"featured-image\"><picture class=\"featured-image__ratio\"><\/source><\/source><\/source><\/source><\/picture><figcaption class=\"featured-image__caption image-caption\"><span class=\"caption\">In December, Ontario Premier Doug Ford said he would consider restricting electricity flows to New York and other states in the event of tariffs.<\/span> <span class=\"credit\">Photo by THE CANADIAN PRESS\/John Woods<\/span><\/figcaption><\/figure>\n<\/div>\n<\/header>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<h2 class=\"visually-hidden\">Article content<\/h2>\n<p data-async=\"\">With United States President Donald Trump announcing 25 per cent tariffs on most Canadian goods over the weekend, the first question on everyone\u2019s mind is how to hit back, with some focusing on energy as an Achilles heel for our neighbour to the south.<\/p>\n<\/section>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<\/section>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<p>Energy is the lone carveout in Trump\u2019s tariff plan, subject to a 10 per cent levy \u2014 rather than the 25 per cent applied to other goods \u2014 which many economists attribute to the fundamental role it plays in people\u2019s lives and the economy.<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group ad_counter_2\">\n<section aria-describedby=\"advertisment7568746875859922490443001717850112\" class=\"ad\">\n<p>Advertisement 2<\/p>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-2\">\n<div class=\"ad__inner__container\" data-ad=\"[[6,6],[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-interscroller=\"6x6\" data-ad-loc=\"2\" data-ad-mobile=\"[[6,6],[320,50],[300,50],[300,250],[300,600]]\" data-aqa=\"advertisement\" id=\"ad-2\" style=\"--desktopHeight:250px;--mobileHeight:600px\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p>This advertisement has not loaded yet, but your article continues below.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n<\/div>\n<div class=\"article-block article-block-bg article-content__sign-in-group hidden\" data-aqa=\"identity-sign-in\" data-async=\"\" id=\"article-block\">\n<section class=\"row\">\n<header 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leading global business publication.<\/li>\n<li>Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.<\/li>\n<li>National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.<\/li>\n<li>Daily puzzles, including the New York Times Crossword.<\/li>\n<\/ul>\n<\/div>\n<div class=\"intro-body__anonymous\">\n<p>REGISTER \/ SIGN IN TO UNLOCK MORE ARTICLES<\/p>\n<p class=\"identity-intro__description\">Create an account or sign in to continue with your reading experience.<\/p>\n<ul class=\"list-unstyled list-checkmark\">\n<li>Access articles from across Canada with one account.<\/li>\n<li>Share your thoughts and join the conversation in the comments.<\/li>\n<li>Enjoy additional articles per month.<\/li>\n<li>Get email updates from your favourite authors.<\/li>\n<\/ul>\n<\/div>\n<div class=\"intro-body__registration_only hidden\">\n<p>THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.<\/p>\n<p class=\"identity-intro__description\">Create an account or sign in to continue with your reading experience.<\/p>\n<ul class=\"list-unstyled list-checkmark\">\n<li>Access articles from across Canada with one account<\/li>\n<li>Share your thoughts and join the conversation in the comments<\/li>\n<li>Enjoy additional articles per month<\/li>\n<li>Get email updates from your favourite authors<\/li>\n<\/ul>\n<\/div>\n<\/div>\n<\/header>\n<div class=\"identity-screen m-x-0 p-x-0 col-xs-12 col-md-6 flex-justify-center flex-align-center\" aria-live=\"assertive\">\n<section class=\"sail\" data-account-id=\"b9d3df2fccd108b5eff3c44f573b2cd6\" data-sailthru-personalization-engine=\"\" data-sailthru-personalization-engine-component=\"\"\/>\n<div class=\"m-x-0 p-x-0 col-xs-12 col-sm-6 col-md-12 flex-align-justify-center\" data-auth-component=\"\" id=\"auth-screen-form\">\n<div class=\"identity-screen-form--active w-full flex-align-justify-center\">\n<div class=\"identity-screen-form identity-screen__content w-full\">\n<h2 class=\"blocker-title\">Sign In or Create an Account<\/h2>\n<p><span class=\"identity-divider__line\"\/><span class=\"identity-divider__text\">or<\/span><span class=\"identity-divider__line\"\/><\/p>\n<\/div>\n<\/div>\n<\/div>\n<footer class=\"identity-footer identity-screen__content m-x-0 p-x-0 col-sm-6 col-md-12\"\/><\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<p>The U.S. relies on Canada for its energy, and not just oil. Canada has for more than two decades exported significantly more electricity to the U.S. than it has imported.<\/p>\n<p data-async=\"\">For example, Canada in 2023 sold US$3.2-billion worth of power to the U.S. and imported US$1.2 billion \u2014 a $2 billion difference. That surplus held up even as dry conditions forced Quebec and British Columbia to curtail hydroelectric generation, which moved the trading far closer to balanced than it had been in previous years.<\/p>\n<p data-async=\"\">In December, Ontario Premier Doug Ford said he would consider restricting electricity flows to New York and other states in the event of tariffs.<\/p>\n<p data-async=\"\">\u201cYou attack the livelihoods of Ontario and Canadians, we\u2019re going to use every tool in our toolbox to defend Ontarians and Canadians across the border,\u201d Ford said on Dec. 12.<\/p>\n<p>He described electricity restrictions as a \u201clast resort\u201d to head off a trade war that many economists say will punish both sides\u2019 economies and likely lead Canada into recession.<\/p>\n<p>But electricity experts question whether it is even possible for Ontario and other provinces to strategically restrict electricity exports so as to inflict maximum political pain on Trump\u00a0 \u2014 by creating rolling blackouts or by drastically raising electricity bills for millions of homeowners \u2014 thereby forcing him to back down on his tariffs.<\/p>\n<\/section>\n<div class=\"js-widget-content article-content__widget-group article-content__widget-group--content-slot18 article-content__widget-group--newsletter-slot\">\n<section class=\"newsletter-widget__new-story-page fp-execsummary background--primary-light-gradient\" aria-labelledby=\"FinancialPostPosthaste9954609771641470726600009780822016\" data-account-id=\"b9d3df2fccd108b5eff3c44f573b2cd6\" data-aqa=\"widget-newsletter\" data-newsletter=\"single\" data-newsletter-component=\"\" data-target-list=\"FP_ExecSummary\" data-widget=\"newsletter\">\n<div class=\"newsletter-new-story-page-template\">\n<div class=\"newsletter-widget__header__new-story-page\">\n<div class=\"newsletter-widget__banner__new-story-page\"><img decoding=\"async\" src=\"data:image\/gif;base64,R0lGODlhAQABAIAAAAAAAP\/\/\/ywAAAAAAQABAAACAUwAOw==\" fifu-lazy=\"1\" fifu-data-sizes=\"auto\" fifu-data-srcset=\"https:\/\/dcs-static.gprod.postmedia.digital\/17.9.6\/websites\/images\/newsletters\/icon-fp-posthaste.svg 75w, https:\/\/dcs-static.gprod.postmedia.digital\/17.9.6\/websites\/images\/newsletters\/icon-fp-posthaste.svg 100w, https:\/\/dcs-static.gprod.postmedia.digital\/17.9.6\/websites\/images\/newsletters\/icon-fp-posthaste.svg 150w, https:\/\/dcs-static.gprod.postmedia.digital\/17.9.6\/websites\/images\/newsletters\/icon-fp-posthaste.svg 240w, https:\/\/dcs-static.gprod.postmedia.digital\/17.9.6\/websites\/images\/newsletters\/icon-fp-posthaste.svg 320w, https:\/\/dcs-static.gprod.postmedia.digital\/17.9.6\/websites\/images\/newsletters\/icon-fp-posthaste.svg 500w, https:\/\/dcs-static.gprod.postmedia.digital\/17.9.6\/websites\/images\/newsletters\/icon-fp-posthaste.svg 640w, https:\/\/dcs-static.gprod.postmedia.digital\/17.9.6\/websites\/images\/newsletters\/icon-fp-posthaste.svg 800w, https:\/\/dcs-static.gprod.postmedia.digital\/17.9.6\/websites\/images\/newsletters\/icon-fp-posthaste.svg 1024w, https:\/\/dcs-static.gprod.postmedia.digital\/17.9.6\/websites\/images\/newsletters\/icon-fp-posthaste.svg 1280w, https:\/\/dcs-static.gprod.postmedia.digital\/17.9.6\/websites\/images\/newsletters\/icon-fp-posthaste.svg 1600w\" alt=\"Posthaste\" loading=\"lazy\" fifu-data-src=\"https:\/\/dcs-static.gprod.postmedia.digital\/17.9.6\/websites\/images\/newsletters\/icon-fp-posthaste.svg\"\/><\/div>\n<div>\n<p>Posthaste<\/p>\n<p class=\"newsletter-widget__text__new-story-page\">Breaking business news, incisive views, must-reads and market signals. Weekdays by 9 a.m.<\/p>\n<\/div>\n<\/div>\n<div class=\"newsletter-widget__body__new-story-page\">\n<div class=\"js-replace-main__new-story-page\">\n<p class=\"newsletter-widget__disclaimer__new-story-page text-size--tiny\">By signing up you consent to receive the above newsletter from Postmedia Network Inc.<\/p>\n<\/div>\n<div class=\"js-submit-success\" hidden=\"\" id=\"submitSuccessFP_ExecSummary\">\n<p>Thanks for signing up!<\/p>\n<p class=\"newsletter-widget__text__new-story-page\">A welcome email is on its way. If you don&#8217;t see it, please check your junk folder.<\/p>\n<p class=\"newsletter-widget__text__new-story-page newsletter__feedback--last\">The next issue of Posthaste will soon be in your inbox.<\/p>\n<\/div>\n<p class=\"newsletter-widget__text__new-story-page js-submit-error\" style=\"margin-top: 8px\" hidden=\"\" id=\"submitErrorFP_ExecSummary\">We encountered an issue signing you up. Please try again<\/p>\n<\/div>\n<\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group ad_counter_3\">\n<section aria-describedby=\"advertisment5521783041010514457779778954985472\" class=\"ad\">\n<p>Advertisement 3<\/p>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-3\">\n<div class=\"ad__inner__container\" data-ad=\"[[7,7],[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-interscroller=\"7x7\" data-ad-loc=\"3\" data-ad-mobile=\"[[7,7],[300,250],[320,50],[300,50]]\" data-aqa=\"advertisement\" id=\"ad-3\" style=\"--desktopHeight:250px;--mobileHeight:250px\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p>This advertisement has not loaded yet, but your article continues below.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<p>They point out that electricity flows in both directions, and both countries buy from the other at key times of need.<\/p>\n<p>\u201cLike all trade battles, it\u2019s clear both sides would lose if the electricity sector gets pulled into this,\u201d Cy McGeady, a fellow at the Washington, D.C.-based Center for Strategic and International Studies, a think tank, said amid uncertainty about a potential trade war.<\/p>\n<p>But he said the U.S. is unlikely to face a severe shock if Canadian electricity suddenly disappears.<\/p>\n<p>\u201cBroadly stated, the immediate impact is the U.S. power markets would be fine,\u201d McGeady said. \u201cExcept on the coldest days, in the most tense conditions, those imports won\u2019t be missed, so, broadly stated, prices would not go up.\u201d<\/p>\n<p>The other problem is that the electricity trade with the U.S. occurs because it\u2019s more efficient.<\/p>\n<p>For example, Ontario may generate excess electricity because it doesn\u2019t make sense to shut a nuclear reactor down overnight when energy demand declines.<\/p>\n<p>In turn, electrical grid operators in the U.S. may choose to purchase that energy chiefly because Ontario is willing to sell it at a discounted price, said Andrew Leach, a professor at the University of Alberta\u2019s Department of Economics who studies energy markets.<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group ad_counter_4\">\n<section aria-describedby=\"advertisment9296754248513070070172557923844096\" class=\"ad\">\n<p>Advertisement 4<\/p>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-4\">\n<div class=\"ad__inner__container\" data-ad=\"[[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-loc=\"4\" data-ad-mobile=\"[[320,50],[300,50],[300,250]]\" data-aqa=\"advertisement\" id=\"ad-4\" style=\"--desktopHeight:250px;--mobileHeight:250px\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p>This advertisement has not loaded yet, but your article continues below.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<p>But if that electricity supply becomes unreliable or its price rises because of an export tax, he said the U.S. is likely to look for substitute sources, including generating more of its own electricity, which is likely the outcome Trump wants.<\/p>\n<p>Leach said restricting electricity flows at times when it\u2019s needed could also have dire consequences \u2014 such as people losing heat and freezing or medical devices that no longer have power \u2014 that would escalate the conflict with Trump.<\/p>\n<p>\u201cIt doesn\u2019t take a lot of messing around with the electricity system to cause a cascading failure that puts a lot of people in danger,\u201d he said. \u201cWe see how President Trump reacts: there\u2019s no sense of empathy or proportionality necessarily.\u201d<\/p>\n<p>There is also a broader issue that the U.S. and Canada have traded electricity for more than a century, and that connection has only been growing in recent years.<\/p>\n<p data-async=\"\">Bruce Lourie, a member of Canada\u2019s Electricity Advisory Council, said the trend has been to build more connections between the grids because that makes electrical systems more resilient, lowers the average price and makes it easier to decarbonize.<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group ad_counter_5\">\n<section aria-describedby=\"advertisment2964376689836761918990064929472512\" class=\"ad\">\n<p>Advertisement 5<\/p>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-5\">\n<div class=\"ad__inner__container\" data-ad=\"[[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-loc=\"5\" data-ad-mobile=\"[[320,50],[300,50],[300,250]]\" data-aqa=\"advertisement\" id=\"ad-5\" style=\"--desktopHeight:250px;--mobileHeight:250px\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p>This advertisement has not loaded yet, but your article continues below.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<p>\u201cIt\u2019s just such a fundamental concept to creating a resilient electricity system,\u201d he said. \u201cWhat Trump is doing is really going back on over 100 years of history of cooperation between Canada and the U.S. It\u2019s what I would describe as mind-boggling ignorance.\u201d<\/p>\n<p data-async=\"\">Michael Sabia, chief executive of Hydro-Qu\u00e9bec, wrote an op-ed in La Presse on Friday that begins \u2014 translated from French \u2014 by acknowledging that \u201cwe are undeniably in a period of political and economic turbulence,\u201d and he then goes on to ponder what the best strategy is.<\/p>\n<p>Electricity rates in the U.S. Northeast and Midwest are rising faster than in Quebec, he said, because the \u201cAmericans have invested little in their electrical generation capacity.\u201d<\/p>\n<section aria-labelledby=\"moreTopicLabel6920404313952576820958300471296\" class=\"more-topic\" data-aqa=\"embed-more-topic\" data-carousel-component=\"\" data-carousel-icon-button=\"\" data-carousel-type=\"list\">\n<p>Recommended from Editorial<\/p>\n<p><button aria-hidden=\"true\" class=\"more-topic__button-prev\" data-carousel-prev=\"\" tabindex=\"-1\" title=\"previous\" type=\"button\"\/><\/p>\n<ol class=\"more-topic__items list-unstyled\" data-carousel-slide-list=\"\" tabindex=\"0\">\n<li data-evt-val=\"{\" control_fields=\"\" tariff=\"\" on=\"\" canadian=\"\" energy=\"\" is=\"\" coming.=\"\" what=\"\" now=\"\" data-carousel-item=\"\" data-evt=\"click\" data-evt-typ=\"click\"> <picture class=\"more-topic__item-image\"><img decoding=\"async\" src=\"data:image\/gif;base64,R0lGODlhAQABAIAAAAAAAP\/\/\/ywAAAAAAQABAAACAUwAOw==\" fifu-lazy=\"1\" fifu-data-sizes=\"auto\" fifu-data-srcset=\"https:\/\/i0.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/02\/0204-bc-oil.jpg?h=96&strip=all&quality=5&sig=1lsJRj9MWnqjvO0ygpXGDw&ssl=1&w=75&resize=75&ssl=1 75w, https:\/\/i0.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/02\/0204-bc-oil.jpg?h=96&strip=all&quality=5&sig=1lsJRj9MWnqjvO0ygpXGDw&ssl=1&w=100&resize=100&ssl=1 100w, https:\/\/i0.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/02\/0204-bc-oil.jpg?h=96&strip=all&quality=5&sig=1lsJRj9MWnqjvO0ygpXGDw&ssl=1&w=150&resize=150&ssl=1 150w, https:\/\/i0.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/02\/0204-bc-oil.jpg?h=96&strip=all&quality=5&sig=1lsJRj9MWnqjvO0ygpXGDw&ssl=1&w=240&resize=240&ssl=1 240w, https:\/\/i0.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/02\/0204-bc-oil.jpg?h=96&strip=all&quality=5&sig=1lsJRj9MWnqjvO0ygpXGDw&ssl=1&w=320&resize=320&ssl=1 320w, https:\/\/i0.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/02\/0204-bc-oil.jpg?h=96&strip=all&quality=5&sig=1lsJRj9MWnqjvO0ygpXGDw&ssl=1&w=500&resize=500&ssl=1 500w, https:\/\/i0.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/02\/0204-bc-oil.jpg?h=96&strip=all&quality=5&sig=1lsJRj9MWnqjvO0ygpXGDw&ssl=1&w=640&resize=640&ssl=1 640w, https:\/\/i0.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/02\/0204-bc-oil.jpg?h=96&strip=all&quality=5&sig=1lsJRj9MWnqjvO0ygpXGDw&ssl=1&w=800&resize=800&ssl=1 800w, https:\/\/i0.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/02\/0204-bc-oil.jpg?h=96&strip=all&quality=5&sig=1lsJRj9MWnqjvO0ygpXGDw&ssl=1&w=1024&resize=1024&ssl=1 1024w, https:\/\/i0.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/02\/0204-bc-oil.jpg?h=96&strip=all&quality=5&sig=1lsJRj9MWnqjvO0ygpXGDw&ssl=1&w=1280&resize=1280&ssl=1 1280w, https:\/\/i0.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/02\/0204-bc-oil.jpg?h=96&strip=all&quality=5&sig=1lsJRj9MWnqjvO0ygpXGDw&ssl=1&w=1600&resize=1600&ssl=1 1600w\" alt=\"The U.S. tariff on Canadian energy includes a broad range of products. Trump's executive order refers to crude oil, natural gas, condensate, natural gas liquids, refined petroleum products, uranium, coal, biofuels, geothermal heat, hydroelectricity and critical minerals.\" data-src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/02\/0204-bc-oil.jpg?h=96&strip=all&quality=80&sig=il7QjDjXtN6K2f9lSkE58Q\" fifu-data-src=\"https:\/\/i0.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/02\/0204-bc-oil.jpg?h=96&strip=all&quality=5&sig=1lsJRj9MWnqjvO0ygpXGDw&ssl=1\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/02\/0204-bc-oil.jpg?h=96&strip=all&quality=80&sig=il7QjDjXtN6K2f9lSkE58Q, https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/02\/0204-bc-oil.jpg?h=192&strip=all&quality=80&sig=4J-XAvPy7QLcshqWJv3MmQ 2x,\n                                             https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/02\/0204-bc-oil.jpg?h=288&strip=all&quality=80&sig=C-P2RUOZ3lM12C6wuV19RA 3x\" class=\"lazyload\" height=\"96\" loading=\"lazy\" width=\"96\"\/><\/picture>\n<p><span class=\"more-topic__item-text-clamp\">A 10% tariff on Canadian energy is coming. What now?<\/span><\/p>\n<\/li>\n<li data-evt-val=\"{\" control_fields=\"\" chief=\"\" calls=\"\" on=\"\" canadians=\"\" to=\"\" unite=\"\" data-carousel-item=\"\" data-evt=\"click\" data-evt-typ=\"click\"> <picture class=\"more-topic__item-image\"><img decoding=\"async\" src=\"data:image\/gif;base64,R0lGODlhAQABAIAAAAAAAP\/\/\/ywAAAAAAQABAAACAUwAOw==\" fifu-lazy=\"1\" fifu-data-sizes=\"auto\" fifu-data-srcset=\"https:\/\/i3.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/02\/dave-mckay-0203-ph.jpg?h=96&strip=all&quality=5&sig=3yq8LwDEHXsKhSkYk0t5vA&ssl=1&w=75&resize=75&ssl=1 75w, https:\/\/i3.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/02\/dave-mckay-0203-ph.jpg?h=96&strip=all&quality=5&sig=3yq8LwDEHXsKhSkYk0t5vA&ssl=1&w=100&resize=100&ssl=1 100w, https:\/\/i3.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/02\/dave-mckay-0203-ph.jpg?h=96&strip=all&quality=5&sig=3yq8LwDEHXsKhSkYk0t5vA&ssl=1&w=150&resize=150&ssl=1 150w, https:\/\/i3.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/02\/dave-mckay-0203-ph.jpg?h=96&strip=all&quality=5&sig=3yq8LwDEHXsKhSkYk0t5vA&ssl=1&w=240&resize=240&ssl=1 240w, https:\/\/i3.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/02\/dave-mckay-0203-ph.jpg?h=96&strip=all&quality=5&sig=3yq8LwDEHXsKhSkYk0t5vA&ssl=1&w=320&resize=320&ssl=1 320w, https:\/\/i3.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/02\/dave-mckay-0203-ph.jpg?h=96&strip=all&quality=5&sig=3yq8LwDEHXsKhSkYk0t5vA&ssl=1&w=500&resize=500&ssl=1 500w, https:\/\/i3.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/02\/dave-mckay-0203-ph.jpg?h=96&strip=all&quality=5&sig=3yq8LwDEHXsKhSkYk0t5vA&ssl=1&w=640&resize=640&ssl=1 640w, https:\/\/i3.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/02\/dave-mckay-0203-ph.jpg?h=96&strip=all&quality=5&sig=3yq8LwDEHXsKhSkYk0t5vA&ssl=1&w=800&resize=800&ssl=1 800w, https:\/\/i3.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/02\/dave-mckay-0203-ph.jpg?h=96&strip=all&quality=5&sig=3yq8LwDEHXsKhSkYk0t5vA&ssl=1&w=1024&resize=1024&ssl=1 1024w, https:\/\/i3.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/02\/dave-mckay-0203-ph.jpg?h=96&strip=all&quality=5&sig=3yq8LwDEHXsKhSkYk0t5vA&ssl=1&w=1280&resize=1280&ssl=1 1280w, https:\/\/i3.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/02\/dave-mckay-0203-ph.jpg?h=96&strip=all&quality=5&sig=3yq8LwDEHXsKhSkYk0t5vA&ssl=1&w=1600&resize=1600&ssl=1 1600w\" alt=\"RBC chief executive Dave McKay speaks during an event at the Canadian Club last year. The head of Canada's biggest bank by market cap said Sunday there will be no winners in a trade war with the United States. \n\" data-src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/02\/dave-mckay-0203-ph.jpg?h=96&strip=all&quality=80&sig=hC5KSejK8TntEdv9e2whyA\" fifu-data-src=\"https:\/\/i3.wp.com\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/02\/dave-mckay-0203-ph.jpg?h=96&strip=all&quality=5&sig=3yq8LwDEHXsKhSkYk0t5vA&ssl=1\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/02\/dave-mckay-0203-ph.jpg?h=96&strip=all&quality=80&sig=hC5KSejK8TntEdv9e2whyA, https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/02\/dave-mckay-0203-ph.jpg?h=192&strip=all&quality=80&sig=x23gL4VYQkVFtnmMuuXJoA 2x,\n                                             https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/02\/dave-mckay-0203-ph.jpg?h=288&strip=all&quality=80&sig=Vph8MfK4kdiS7D5tsApN-g 3x\" class=\"lazyload\" height=\"96\" loading=\"lazy\" width=\"96\"\/><\/picture>\n<p><span class=\"more-topic__item-text-clamp\">RBC chief calls on Canadians to unite<\/span><\/p>\n<\/li>\n<\/ol>\n<p><button aria-hidden=\"true\" class=\"more-topic__button-next\" data-carousel-next=\"\" tabindex=\"-1\" title=\"next\" type=\"button\"\/><\/section>\n<p>But Sabia concluded that Quebec\u2019s reservoir of cheap, clean electricity is going to be an advantage whether the U.S. or Canada places restrictions that impede trade.<\/p>\n<p>\u201cIn a world where Quebec businesses are facing a lot of turbulence, this access is a solid competitive advantage that we can give them to propel their growth and decarbonization projects,\u201d he said.<\/p>\n<p data-async=\"\"><em>\u2022 Email: gfriedman@postmedia.com<\/em><\/p>\n<p data-async=\"\"><em><strong>Bookmark our website and support our journalism:<\/strong> Don\u2019t miss the business news you need to know \u2014 add financialpost.com to your bookmarks and sign up for our newsletters here.<\/em><\/p>\n<\/section>\n<section class=\"article-content__content-group article-content__content-group--story\">\n<p>Article content<\/p>\n<\/section>\n<section class=\"article-content__share-group article-delimiter\" data-evt-val=\"{\" control_fields=\"\" data-evt-typ=\"page_scroll\">\n<p>Share this article in your social network<\/p>\n<\/section>\n<\/div>\n\n<br \/>Canada&#8217;s electricity is a bargaining chip to end U.S. tariffs<\/a><br \/>\n<br \/>2025-02-03 14:55:03<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Breadcrumb Trail Links Commodities Energy News Canada exports significantly more electricity to the U.S. than it imports but this energy trade is complicated Get the latest from Gabriel Friedman straight&#8230;<\/p>\n","protected":false},"author":2,"featured_media":55787,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2025\/01\/0204-bc-electricity-.jpg?quality=90&strip=all&w=288&h=216&sig=rI_-DuNql9UNOVNWOuvzUQ","fifu_image_alt":"","footnotes":""},"categories":[31],"tags":[],"class_list":["post-55786","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy"],"_links":{"self":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/posts\/55786","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/comments?post=55786"}],"version-history":[{"count":0,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/posts\/55786\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/media\/55787"}],"wp:attachment":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/media?parent=55786"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/categories?post=55786"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/tags?post=55786"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}