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The oil-rich province of Alberta is implementing a new automated system for assessing proposed energy projects that it says will speed up reviews and save industry money, with plans to have the system fully operational by 2021.

It says the new system, known as an Integrated Decision Approach (IDA), will allow companies to submit one application to cover the life of a project, instead of separate applications for different project activities.

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The system, operated by the Alberta Energy Regulator (AER) and piloted over the last two years, has so far saved Alberta companies $140 million (US$107 million), an amount expected to reach $600 million by 2021, the government said.