Over the past several years, the Alberta Energy Regulator (AER) has saved hundreds of millions of industry dollars through a variety of measures aimed at reducing cost and increasing efficiency, reports The Globe and Mail.
AER’s savings target for its 2015-2016 fiscal year was set at $400 million but the Alberta regulator sees savings coming in between $411 and $448 million, said AER spokesperson Carrie Rosa. “Our focus isn’t just about saving money,” she continued, “it’s also about reducing duplicative processes and finding new approaches to regulatory oversight.”
The AER’s “near-term action program”, launched in 2014, has been attributed to achieving many of the cost savings. According to the AER’s annual report, the program is designed to “prioritiz[e] regulatory activities so that the most significant risks receive the greatest attention.”
As stated in a briefing note prepared by the AER, the near-term action program was expected to have achieved savings of $356-$379 million by March 31 of this year.
Other cost-reducing measures taken by the AER include keeping its overall head count at 1,200, and freezing staff salaries, a move that is saving a minimum of $23.4 million.
To read the full article in The Globe and Mail, click here.