Questions & Answers
Q&A with Energy Player: Peter Tertzakian
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- Category: Q&A with Energy Players
Peter Tertzakian is chief energy economist and managing director at ARC Financial, one of the top investment firms in the Canadian energy industry. Peter has over 25 years of experience in the energy and finance businesses and is responsible for strategic investment research. He is also the bestselling author of two energy books, A Thousand Barrels a Second (2006) and The End of Energy Obesity (2009). Both books examine how societies evolve their uses and sources of energy.
ENERGIZE ALBERTA: What was your primary objective in The End of Energy Obesity, beyond convincing readers that they’re voracious consumers of all forms of energy?
PETER TERTZAKIAN: Today there is a lot of curiosity surrounding the problems associated with using too much energy and damaging forms of energy. The primary objective of my book was to ask the question: “Is it possible for societies to continue to aspire to greater wealth and higher standards of living, while at the same time reduce their energy consumption?” I showed that this objective is realizable.
EA: Do you seriously think people can curb their energy appetites voluntarily? Can they really stop regular trips to the “energy fridge”?
PT: It is true, modern lifestyles demand more and more energy. I describe and prove this historic relationship as “The First Principle of Energy Consumption,” in Part I of my book. This principle says that the wealthier we become the more energy we use. However, in Part III of my book I also show that there are ways for societies to reduce trips to the “energy fridge” without the lost “calories” impacting their sense of well-being and ability to create greater wealth. In fact, countries like Denmark, Switzerland and Japan have proved it’s possible.
EA: For committed individuals, what would you say is the best course of action? An energy diet, so to speak?
PT: I show in Chapter 10, when I discuss the “Asymmetry Principle,” that the highest impact action that individuals can make is the choice not to consume energy. This sounds difficult, but because there is so much wasted energy inherent in our day-to-day lives, there is tremendous scope to reduce consumption without feeling it at all. In the near future, new technologies will help facilitate our choice not to consume as much energy.
EA: How then does that individual action translate in collective social and policy action?
PT: Societies that have been able to reduce energy consumption without compromising their standard of living and aspiration for greater wealth have one overriding feature in common: a desire to want to do it. The collective will of a society, which is composed of individual actions, is how individual actions ultimately translate into attainable results.
EA: In your view, how is energy literacy implicated in energy obesity? Do people know enough about their energy health to take meaningful action?
PT: Being energy literate is of paramount importance. It’s like needing to be more aware of your own health if you want to become fit. Once people realize that controlling their energy health does not mean limiting their quality of life, meaningful action is much less intimidating. We must objectively understand our energy obesity if we hope to improve our societal well-being.
EA: Do you think there is a global leadership role for Canadians in modelling healthy energy consumption?
PT: Absolutely! The world is in need of leadership by example and Canada has many of the elements to be a guiding force in showcasing best practices in energy supply and consumption.
EA: Would you support a global energy “weight-loss” competition—in other words, a serious take on the reality show The Biggest Loser?
PT: You may be surprised to hear that I don’t think such a competition is a good idea. The reason is that each nation in the world has its own unique circumstances. I take great care in my book to show that when it comes to energy consumption, a country like Canada cannot be compared to Japan. Nor, for example, can China be compared to the Germany. Population density, latitude, geography, economic circumstance and stage of industrialization are a few of the many variables that determine how much energy a nation’s citizens consume. Like weight loss, becoming wiser and ultimately “healthier” in energy usage is a very personal issue that demands personal goals without undue comparison to others. So too must it be for individual nations.
