CEO of Microsoft Satya Nadella noted that market disruptions are easy to identify and understand. The real test is transforming legacy businesses and cultural mindsets quickly to benefit from new market opportunities before becoming irrelevant.
Regulators, too, are often captive to incumbent models of regulation that served the public reasonably well in the past but are no longer fit-for-purpose.
In 2013 the energy transition, the shale revolution and shifting public expectations were disrupting Canada’s energy space and brought into question the efficacy of the Province of Alberta’s legacy regulatory system. Recognising the challenges and opportunities of the changing strategic landscape, the newly minted executive team of the Alberta Energy Regulator (AER) set out a strategic vision to be recognised as a best-in-class regulatory institution.