As for utilities, it figures to be a double-edged sword, increasing costs but creating opportunity for new revenues.

For Calgary-based Canadian Hydro Developers Inc., which has a dozen wind and hydro plants in Alberta, British Columbia and Ontario, ratification of Kyoto would mean financial opportunity.

"The ratification of Kyoto is not going to affect us immediately," said Canadian Hydro CEO John Keating.

"It will, when the rules to achieve those objectives are put in place and we actually have real emissions trading taking place, where there's not just a feel-good demand for emissions credits. If there's a legal requirement, then you'll have a real market," said Keating.

He hopes that won't take more than a couple of years.

With a couple of major wood chip and hydroelectric power projects in the works near Grande Prairie, the company will increase its staff.

But Keating, who is also vice-chairman of the Independent Power Producers Society of Alberta, sees ratification as more than just a matter of dollars.

"It's also positive that emissions and the health-care aspect are high on the political agenda. It's pretty well accepted that emissions are going to have to be managed throughout this century, whether it's through the Kyoto protocol process or some other process."

On the other hand, Luscar Ltd. of Edmonton, the leading coal producer in Canada, figures to suffer at the hands of Kyoto. It just doesn't know by how much.

"We've very concerned and support the province of Alberta's position," said Joanne Miller, Luscar director of public relations.

"Here in Alberta, our largest customers are the coal-fired electric utilities. To the extent that the government's policy affects them, it will have an effect on our own domestic operation."

Of Luscar's $635 million in revenues during 2001, 80 per cent came from domestic markets, largely electricity utilities.

But Luscar exports coal to a dozen nations including Japan, and Luscar's significant coal-producing competitors, the United States and Australia, have both declined to go along with Kyoto.

For a utility like Calgary-based TransAlta Corp., Kyoto will mean increased costs particularly in areas of research and development, but will open doors to supply power from renewable sources.

"In 1994, we made a commitment to reduce our greenhouse gases to 1990 levels, which is a facet of the Kyoto agreement," said TransAlta spokeswoman Nadine Walz. "By year 2001 we were close to five million tonnes below our 1990 level."

TransAlta is dealing with climate change with short, medium and long-term approaches. The short-term approach includes offset credits, emissions trading, research and development. The medium term involves investment in renewable resources such as wind power, through Vision Quest Windelectric Inc. Long term means clean coal technology, which contains emissions, and manufacturing.

TransAlta belongs to the Canadian Clean Power Coalition of seven companies, which hopes to produce and test a clean coal plan in 2007.

"We feel the answer for climate change is in the long-term technology, but we have to take action now, which is why we're doing the offset credits and emissions trading," said Walz.