Heyman: Regulatory delays are the only thing holding Canada back
Luiza Savage Editorial Director Washington Post Intelligence; Bruce Heyman, CEO Power Sustainable; Rich Voorberg President Siemens Energy North America; Eric Chassard, President and CEO Bruce Power and John Risley Chairman Arctic Economic Development Corporation. / MEANS & WAYS PHOTO
TORONTO—Canada has a narrow window to leverage its energy resources to meet soaring U.S. electricity demand from AI data centers, but success hinges on speed and regulatory efficiency, industry leaders said Wednesday.
“The key is, can you do it fast enough? Can you get things permitted fast enough?” said Bruce Heyman, CEO of Power Sustainable and former U.S. ambassador to Canada. “That’s the test for the Prime Minister and the new government here.”
Heyman made the comments during the Powering the Future — Pathways to a Resilient North American Energy Landscape panel, which was part of the U.S.-Canada Summit hosted by Eurasia Group and BMO on Oct. 8 in Toronto.
Panelists repeatedly pointed to regulatory delays as a critical bottleneck for scaling energy production in Canada. Eric Chassard, president and CEO of Bruce Power, said the nuclear sector is constrained by multi-year federal impact assessments.
“We are stuck in the process. … We need to focus on outcomes and accelerate impact assessments,” Chassard said. “We should move forward and start building so that we can get data centres for AI using clean energy.”
The discussion, moderated by Luiza Savage, editorial director at Washington Post Intelligence, focused on the intersection of energy infrastructure, AI-driven electricity demand, and the Canada-U.S. partnership. Savage highlighted the scale of the challenge, noting that “data centres have already more than doubled their share of U.S. electricity use in five years, from just under 2% in 2018 to over 4.4% last year.”
She cited data from Anthropic that show the U.S. will need at least 50 GW of new generation by 2028 to sustain its AI ambitions.
Chassard noted that Bruce Power is refurbishing six reactors, but the pace of regulatory approvals directly impacts timelines, adding both cost and uncertainty.
Heyman stressed that private capital is ready to deploy but warned that regulatory inefficiencies could stymie investment. He emphasized that permitting delays—not technology or financing—are the primary constraint. “The opportunity is there, the money is there, the technology is there… what’s slowing us down is the regulatory and permitting process.”
John Risley, chairman of the Arctic Economic Development Corporation, emphasized the strategic implications. “Energy is what I would call soft leverage. These are very long life assets… We need to invest in both transmission and generation that’ll last for 75 or 100 years,” he said, noting that delays in permitting can jeopardize Canada’s ability to cement its role as a reliable energy partner for the U.S.
Despite the regulatory hurdles, panellists agreed that Canada is uniquely positioned to meet North America’s growing energy needs. Risley warned however, “If we don’t stop talking and start doing something, demonstrable actions, we’ll miss the moment.”
Prime Minister Mark Carney launched the Major Projects Office in August to help address those timelines and streamline infrastructure projects. In a statement to Means & Ways, CEO Dawn Farrell said the office will “create major opportunities” for the country.
“As the Prime Minister has stated, this is Canada’s opportunity to create more resilience in our economy, and it is essential that we rise to meet this moment with urgency, creativity, and dedication,” she said. “Building major projects faster will contribute not only to our economy, but will help develop our communities, open opportunities for trade here at home and around the world, and improve our shared future.”
She added, “I am excited to build a team that works with First Nations, business, governments, and regulators to make Canada the first choice for investment and growth. This is the moment where our collective efforts together will make a difference.”
Matina Stevis-Gridneff, Canada Bureau Chief, The New York Times; Greg Ebel, President and CEO, Enbridge; Matthew Shay, President and CEO, National Retail Federation; Keith Creel, President and CEO, CPKC; and Chad Williams, CEO, QGC spoke on the Navigating Cross-Border Commercial Ties panel at the U.S.-Canada Summit Oct. 8. / MEANS & WAYS PHOTO
Greg Ebel, President and CEO of Enbridge, agreed that policy alignment exists — but said both governments must move from vision to implementation.
“I think both countries are actually trying to make some really important changes,” Ebel said on a different panel, Navigating Cross-Border Commercial Ties. “The Prime Minister has been very clear that the last 10 years have been a problem for the economy and there needs to be change.”
Ebel said Canada’s challenge is no longer about planning but about delivering.
“We have a vision — the President and the Prime Minister have a plan — the issue is like in all businesses: you must execute that plan and adapt,” he said. “We haven’t built a pipeline in this country for 10 years — that’s not execution.”
He added: “It’s a competitive world. Let’s not race to the bottom — let’s race to the top.”
Ebel also highlighted the integration of the North American energy system as an opportunity for mutual gain.
“The ability to have win-win solutions is really there if we act,” he said, noting that Enbridge, a Canadian company, owns the largest oil export facility in the U.S. Gulf Coast. “That’s U.S. energy dominance being protected — and it’s only possible because 4 million barrels come from Canada every day.”
Matthew Shay, President and CEO of the National Retail Federation, said on the panel that North America’s economic resilience depends on pragmatic policy and continued cross-border trade. Shay also noted that retail and consumer spending remain strong despite tariffs and uncertainty.
“Canada has an effective tariff rate right now of 0.6% because so many goods are exempted under USMCA,” he said. “In the U.S., we haven’t seen massive price increases due to tariffs. Retailers have worked really hard with their suppliers to not pass on any price increases to consumers.”
He said collaboration, not confrontation, will sustain long-term competitiveness.
“Putting America first doesn’t mean other countries can’t succeed,” Shay said. “U.S. consumers will continue to demand and need products from other markets. There’s always going to be an appetite and a pathway for those products.”
Chad Williams, founder of QI and former CEO of Red Cloud, was also on the Navigating Cross-Border Commercial Ties panel. He emphasized that Canada’s resources, infrastructure, and proximity to the U.S. make it uniquely positioned to attract massive investment.
“The opportunity to invest capital and use resources that you all are richly blessed with is in front of us,” Williams said. “This is a place where you should invest tens of billions of dollars and really see a transformational change.”
He argued that Canada could seize a pivotal role in the global energy transition if it can “deliver sustainable and cost-effective energy” quickly.
“The real opportunity is that we can both win,” he said.
