Secure Energy Services: Regulatory Moats, Consolidation & Pricing Power
Former Business Development Executive at Secure Energy Services
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Secure Energy Services: Regulatory Moats, Consolidation & Pricing Power(June 24, 2025)
Former Business Development Executive at Secure Energy Services
Interview Transcript
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Before we get into detailed questions about Secure and Newalta, I wanted to start at a high level. Secure purchased Tervita and had to dispose of some assets to Waste Connections. If Waste Connections acts as a rational competitor and raises prices in line with Secure over the next five years, is there any reason both businesses won't be significantly more profitable? Is it easy for new competition to enter, or for EMPs to internalize, which could impact volumes and profitability?
The business as a whole is driven entirely by the regulator. This includes what needs to go off-site, what new landfills get approved, and how hazardous and non-hazardous materials are managed from the oil sands facilities. These are all written into the regulatory framework, making it a sunk cost for the client. There are only a few players in the market. In the past, there were maybe five or six, along with some mid-sized competitors, but now it's really just the top two or three seeing the bulk of the revenue. The price pressure has been immense on the industry for the last 10 years, but that seems to be changing. With more control in the top few companies, they are able to lead the price a little better. We are seeing a lot of price increases in recent years.
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