{"id":4120,"date":"2022-11-23T13:54:07","date_gmt":"2022-11-23T13:54:07","guid":{"rendered":"https:\/\/energyregulationquarterly.ca\/?p=4120"},"modified":"2022-11-24T13:53:47","modified_gmt":"2022-11-24T13:53:47","slug":"investor-expectations-on-north-american-natural-gas-utilities","status":"publish","type":"post","link":"https:\/\/energyregulationquarterly.ca\/fr\/reports\/investor-expectations-on-north-american-natural-gas-utilities","title":{"rendered":"Investor Expectations on North American Natural Gas Utilities"},"content":{"rendered":"

De temps \u00e0 autre, la Publication trimestrielle sur la r\u00e8glementation de l\u2019\u00e9nergie <\/em>publie des rapports pr\u00e9par\u00e9s par d\u2019autres organismes sur diff\u00e9rents aspects de la pratique r\u00e9glementaire. Habituellement, nous pr\u00e9sentons le rapport \u00e0 l\u2019aide d\u2019une introduction de la part de son auteur, qui en r\u00e9sume les points saillants.<\/p>\n

INTRODUCTION DE LA PART DES AUTEURS<\/strong><\/p>\n

Ce rapport publi\u00e9 le 12 juillet 2022 a \u00e9t\u00e9 pr\u00e9par\u00e9 par l\u2019entreprise d\u2019experts-conseils Guidehouse. Sa production a \u00e9t\u00e9 parrain\u00e9e par l\u2019Association canadienne du gaz et l\u2019American Gas Association[1]<\/sup>. L\u2019\u00e9tude d\u00e9bute en r\u00e9pondant \u00e0 trois questions cl\u00e9s :<\/p>\n

    \n
  1. Comment les organismes de r\u00e9glementation de l\u2019\u00e9nergie fixent-ils le rendement des capitaux propres (RCP) autoris\u00e9 pour les services publics de gaz?<\/li>\n
  2. Les RCP au Canada et aux \u00c9tats-Unis r\u00e9pondent-ils aux attentes des investisseurs?<\/li>\n
  3. Quelles opportunit\u00e9s commerciales futures les services publics devraient-ils saisir pour maintenir l\u2019int\u00e9r\u00eat des investisseurs?<\/li>\n<\/ol>\n

    L\u2019\u00e9tude fait \u00e9tat d\u2019une certaine inqui\u00e9tude quant \u00e0 la baisse des niveaux de RCP moyen entre 2010 et 2021. Fait \u00e0 noter, on y souligne que les rendements canadiens sont inf\u00e9rieurs aux rendements am\u00e9ricains. Cependant, il semble finalement que le d\u00e9clin \u00e9tait en grande partie li\u00e9 \u00e0 la baisse g\u00e9n\u00e9ralis\u00e9e des taux d\u2019int\u00e9r\u00eat au cours de la p\u00e9riode vis\u00e9e par le rapport. G\u00e9n\u00e9ralement, les entreprises de gaz \u00e9taient consid\u00e9r\u00e9es comme un investissement int\u00e9ressant dans les conditions suivantes :<\/p>\n

      \n
    1. Il y avait eu une croissance positive d\u2019une ann\u00e9e \u00e0 l\u2019autre de la base tarifaire et du nombre de clients.<\/li>\n
    2. Le processus de fixation des tarifs \u00e9tabli par les organismes de r\u00e9glementation \u00e9tait transparent et coh\u00e9rent.<\/li>\n
    3. Les services publics avaient des plans pour diversifier leurs activit\u00e9s et adopter du carburant propre avec un m\u00e9lange d\u2019hydrog\u00e8ne.<\/li>\n<\/ol>\n

      Il ne fait aucun doute qu\u2019au Canada, tant Fortis en Colombie-Britannique qu\u2019Enbridge en Ontario ont pr\u00e9sent\u00e9 un solide bilan en termes de m\u00e9lange d\u2019hydrog\u00e8ne au gaz naturel. Plus r\u00e9cemment, Enbridge a pris une position d\u2019investissement importante dans le GNL, ce qui est g\u00e9n\u00e9ralement consid\u00e9r\u00e9 comme une \u00e9tape positive en raison des march\u00e9s attrayants \u00e0 long terme.<\/p>\n

      L\u2019\u00e9tude indique que les investisseurs s\u2019accordent g\u00e9n\u00e9ralement \u00e0 dire qu\u2019il n\u2019y a pas d\u2019alternative \u00e0 faible co\u00fbt pour remplacer le gaz naturel \u00e0 court terme, mais que les services publics de gaz doivent tout de m\u00eame \u00eatre proactifs pour composer avec la d\u00e9carbonisation. On s\u2019attend \u00e0 ce que les services publics investissent dans de nouveaux flux d\u2019approvisionnement en carburant, y compris l\u2019hydrog\u00e8ne, et travaillent \u00e0 l\u2019arriv\u00e9e de nouvelles solutions technologiques sur le march\u00e9.<\/p>\n

      Une remarque s\u2019impose au sujet de cette \u00e9tude : la quasi-totalit\u00e9 de l\u2019analyse a eu lieu avant l\u2019invasion de l\u2019Ukraine par la Russie. Cette guerre a entra\u00een\u00e9 un changement spectaculaire dans le secteur des services publics de gaz en Am\u00e9rique du Nord du point de vue des investisseurs. En effet, l\u2019Europe, qui est l\u2019un des plus grands march\u00e9s \u00e9nerg\u00e9tiques du monde, d\u00e9pend de la Russie pour plus de 40 % de son gaz. Soudainement, il y a donc une demande pour remplacer le gaz russe par du gaz provenant d\u2019autres sources.<\/p>\n

      L\u2019accent est mis en particulier sur le GNL en provenance du Canada et des \u00c9tats-Unis ainsi que de l\u2019Australie et du Qatar. Le r\u00e9cent investissement d\u2019Enbridge dans GNL Canada \u00e0 Kitimat en est un bon exemple. Ce projet sera op\u00e9rationnel d\u2019ici un an. D\u2019autres projets sont en cours de planification, notamment deux projets dans le Canada atlantique.<\/p>\n

      L\u2019\u00e9tude offre une perspective utile, car elle est bas\u00e9e sur des entretiens avec les groupes d\u2019investisseurs concern\u00e9s. Il ne fait cependant aucun doute que la perspective de ces groupes d\u2019investisseurs pourrait bien \u00eatre plus positive aujourd\u2019hui qu\u2019au moment o\u00f9 les recherches ont \u00e9t\u00e9 r\u00e9alis\u00e9es pour cette \u00e9tude.<\/p>\n

      Vous pouvez consulter le rapport complet ici<\/u><\/a>, disponible en anglais seulement.<\/p>\n

       <\/p>\n

        \n
      1. Greenhouse, \u00ab\u00a0Investor Expectations on North American Natural Gas Utilities\u00a0\u00bb (12 juillet 2022), en ligne (pdf): <www.cga.ca\/wp-content\/uploads\/2022\/07\/Study-Investors_View_Natural_Gas_Utilities_as_Desirable_Investments.pdf<\/a>><\/li>\n<\/ol>\n

        <\/p>","protected":false},"excerpt":{"rendered":"

        De temps \u00e0 autre, la Publication trimestrielle sur la r\u00e9glementation de l\u2019\u00e9nergie publie des rapports susceptibles d\u2019int\u00e9resser ses lecteurs[…]<\/p>\n","protected":false},"author":12,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[237],"tags":[],"coauthors":[313],"class_list":["post-4120","post","type-post","status-publish","format-standard","hentry","category-reports","volume-volume-10-issue-3-2022"],"acf":[],"yoast_head":"\nInvestor Expectations on North American Natural Gas Utilities - Publication trimestrielle sur la r\u00e8glementation de l\u2019\u00e9nergie<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/energyregulationquarterly.ca\/reports\/investor-expectations-on-north-american-natural-gas-utilities\" \/>\n<meta property=\"og:locale\" content=\"fr_FR\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Investor Expectations on North American Natural Gas Utilities - Publication trimestrielle sur la r\u00e8glementation de l\u2019\u00e9nergie\" \/>\n<meta property=\"og:description\" content=\"[:en]From time to time the ERQ publishes reports that will be of interest to our readers. 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