14:26:46 EDT Mon 06 May 2024
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Pieridae Energy Ltd
Symbol PEA
Shares Issued 158,979,336
Close 2023-06-05 C$ 0.50
Market Cap C$ 79,489,668
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Globe says Pieridae told Atlantic Canada slow on fuels

2023-06-06 08:20 ET - In the News

The Globe and Mail reports in its Tuesday edition that a group of academics is warning that Atlantic Canada is not moving away from fossil fuels fast enough. The Globe's Brent Jang writes that many residents in parts of Atlantic Canada remain dependent on heating oil or coal-fired electricity for their homes, while much of the economy revolves around generating revenue from fossil fuels, according to a new study released by the Canadian Centre for Policy Alternatives. Nova Scotia, New Brunswick and Newfoundland are still "open to new fossil fuel extraction infrastructure and projects that would further lock their economies in those non-renewable and highly polluting energy sources," the study's co-authors said. The proportion of homes in Canada relying on heating oil remains the highest in the Atlantic region. Most plans to export liquefied natural gas from the East Coast have fizzled. Repsol SA announced in March that it cancelled its plans to export LNG from New Brunswick. Pieridae abandoned its proposal to export 10 million tonnes a year of LNG, pinning its hopes instead on vastly scaled-down plans for its Goldboro LNG project in Nova Scotia. A long-term proposal, called LNG Newfoundland and Labrador, remains active.

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