"Canada’s energy industry, already buffeted by low oil prices and stalled pipeline projects, is bracing for more setbacks after a New Democratic Party that pledges to raise corporate taxes was swept to power in Alberta.

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

'It’s completely devastating,' for energy companies and investors, Rafi Tahmazian, who helps manage C$1 billion ($831 million) in energy funds at Canoe Financial LP in Calgary, said on Tuesday. 'The perception from the market based on their comments is they’re extremely dangerous.'"

Rebecca Penty and Robert Tuttle report for Bloomberg May 6, 2015. [2]

SEE ALSO:

"What Could Alberta Look Under the Ndp? a Look Some of the Party's Key Promises" (Canadian Press) [3]

"Alberta Election 2015: Energy Sector Braces for Change With NDP Win" (CBC News) [4]