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Canadian energy stocks from Suncor Energy Inc. to Cenovus Energy Inc. tumbled after the New Democratic Party swept to power in Alberta, pledging to raise corporate taxes in an industry already buffeted by low oil prices and stalled pipelines.

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Claudia Cattaneo: None of NDP leader Rachel Notley’s ideas affecting Alberta’s dominant industry is new or surprising, but they will make conditions less attractive and make the oil shock harder to overcome.





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The NDP, led by Rachel Notley, ended a 44-year Progressive Conservative dynasty by winning a majority of districts in elections Tuesday, according to Elections Alberta. The NDP promises to boost corporate taxes, review the government’s take of energy revenue, scale back advocacy for pipelines and phase out coal power more quickly.

“It’s completely devastating,” for energy companies and investors, said Rafi Tahmazian, who helps manage $1 billion in energy funds at Canoe Financial LP in Calgary.