Alberta Energy Regulator - Advanced Contract Award Notice / Notice of Proposed Procurement - 554-NPP Risk Assessment and Implementation Options – Study

Subject to this NPP, the Alberta Energy Regulator (AER) intends to enter into an agreement with Marsh to complete a risk analysis of closure financial instruments for the oil and gas sector that aligns with leading practices. In February 2026, Marsh conducted a comprehensive review and analysis of several forms of financial security options (‘Security Options’) related to the Board Initiative – Closure Financial Instruments. This foundational work is being utilized to inform potential solutions to achieve a strategic outcome: the AER is seeking to advance an asset attached, financially secure closure funding system that reduces long term liability risk to Albertans while maintaining a viable energy sector. The AER existing financial security framework is limited to Cash and Letter of Credit for the oil and gas sector, which ties up capital and limits the pool of operators that are able to provide those forms of security. The security is currently attached to licensee. The AER deems Marsh the uniquely qualified candidate to perform this work due to their deep experience in the areas of traditional and non-traditional risk protection and fund development, evaluation of non-traditional insurance funding options including captive insurance, reciprocals and member protection funds, as well as Risk Assessment and Enterprise Risk Management Services.