With wages frozen, Alberta Energy Regulator continues bearing operating loss

Last fiscal year, wage freezes did not protect the Alberta Energy Regulator from bearing operating loss, the organisation released Tuesday.

28.Jun.16 1:54 AM
By Anastasia Sutulova
Photo INNOV.RU

203

With wages frozen, Alberta Energy Regulator continues bearing operating loss

As part of a cost control measure, management froze wages for staff at the province’s regulatory agency following application of the same measure in oil and gas companies. It seems obvious that the drop in oil prices forced implication of such policy.

Though $7 million were saved, which is 3% of the company’s budget, the Alberta Energy Regulator still ended the year in the red. The operating deficit in the last fiscal year amounted $1.7 million, compared to a $15.4 million operating surplus in fiscal 2015.

According to Aeconomy, the AER president and CEO Jim Ellis acknowledges that his company is going through hard times. He explains it by the collapse in oil and gas prices not seen for years. However, the AER’s statistics is expected to improve beyond 2016.

Back to the list

Related Information:

Blockchain, Business and Lifestyle News