Alberta MSA

About Us

About Us

The Market Surveillance Administrator (MSA) is an independent enforcement agency that exists under the Alberta Utilities Commission Act (AUCA). The MSA has surveillance, investigative, and enforcement responsibilities with respect to the structure and performance of the electricity market and the conduct of market participants and the Alberta Electric System Operator (AESO). The MSA’s work falls under the three headings below.


As an enforcement agency, the MSA ensures the fair, efficient, and openly competitive operation of Alberta's wholesale electricity markets through the enforcement of the Electric Utilities Act, the Fair, Efficient and Open Competition Regulation, and other legislation and regulations. An important example of an MSA enforcement case relates to its investigation of the timing of coal-fired power plants in 2010 and 2011. Following an application by the MSA, the Alberta Utilities Commission (AUC) found that a market participant timed outages at its coal-fired power plants in late 2010 and early 2011 to drive up power prices when demand was high. The AUC also found the company used non-public information while trading in the electricity market.


The MSA may issue penalties for contravention of ISO rules or reliability standards or may request a hearing or other proceeding before the AUC to seek an administrative penalty or other relief on matters that are subject to its surveillance or investigative activities. The MSA’s work in this regard is summarized in its annual Compliance Reports.

Assessment of Market Rules

The MSA assesses whether the ISO rules and practices support the fair, efficient, and openly competitive operation of the electricity market. While market participants may challenge a new or existing ISO rule on the basis that it is technically deficient, does not support the fair, efficient, and openly competitive operation of the market, or is not in the public interest, the MSA may challenge new or existing ISO rules on the basis that it may have an adverse effect on the structure and performance of the market. An important example of the MSA’s work in this respect is related to the Historical Trading Report (HTR) that was published by the AESO. The HTR made public otherwise confidential information about energy market offers that the MSA believed undermined competition in the wholesale market. Following an application by the MSA to the AUC, the AUC directed the AESO to cease publication of the HTR.



Leadership Team

The MSA leadership team includes: Gordon Kaiser, Chief Executive Officer; Jim Van Horne, Chief Financial Officer; Matt Ayres, Chief Economist; Derek Olmstead, Director, Enforcement; Anders Renborg, Director, Critical Infrastructure; Andrew Wilkins, Director, Compliance; and Ketan Lakhani, Manager, Analytics.


Chief Executive Officer

Gordon Kaiser

Gordon Kaiser is the Chief Executive Officer of the Market Surveillance Administrator in Alberta. He served as Vice Chairman of the Ontario Energy Board for six years. Prior to that he was a partner in a major Canadian law firm where he appeared in the courts of five provinces as well as the Federal Court of Appeal and the Supreme Court of Canada.

Mr. Kaiser has mediated a number of major settlements in the energy sector. He advised the Alberta Utilities Commission and the Ontario IESO on settlements under the Market Rules and the Attorney General Canada on settlements under the Competition Act. Mr. Kaiser has also arbitrated major disputes in the energy sector. He is a member of the ICC Canadian arbitration panel in Ottawa, the London Court of International Arbitration and the Swiss Arbitration Association.

He acted for the Commissioner of Competition in the Petroleum Products Inquiry and in a number of civil proceedings across Canada. He also acted as Special Counsel to the Attorney General of Canada in a number of criminal prosecutions under the Competition Act.

Mr. Kaiser served as an Adjunct Professor in Competition Law at Queens University, the University of Toronto and the Osgoode Hall Law School. He is Co-Chair of the Canadian Energy Law Forum and Editor of the Energy Regulation Quarterly. He is the editor or author of six books including: Competition Law in Canada, Corporate Crime and Civil Liability, and Energy Law and Policy. He has served on a number of corporate boards and currently serves on three non-profit boards.

Chief Financial Officer

Jim Van Horne

Jim Van Horne joins the MSA as Chief Financial Officer. Jim brings more than thirty years of experience in the public and private sector, most recently as the CFO and Executive Director of Corporate Services for the Alberta Utilities Commission.

Chief Economist

Matt Ayres

Matt Ayres has over 20 years' experience working as an economist, mostly within the area of electricity markets. Matt has a B.A. and Ph.D. in Economics and is an Executive Fellow at the School of Public Policy and an Adjunct Assistant Professor at the University of Calgary. Matt worked at the MSA from 2005 to 2017 and in that time served as Chief Economist, Deputy Administrator, and Chief Executive Officer. Matt returned to the MSA in 2018 and works part-time as Chief Economist.


Derek Olmstead

Derek Olmstead is Director, Enforcement at the Alberta Market Surveillance Administrator (MSA). Prior to being appointed to this position, Derek was Economic Advisor to the Alberta Electric System Operator, Principal Economist at the MSA, Assistant Director at the Australian Energy Regulator / Australian Competition and Consumer Commission, and Analyst at Ontario’s Independent Electricity System Operator. Derek maintains an active research agenda in energy and environmental economics, industrial organization, and applied econometrics. This research focuses on both the competitive and regulated aspects of electricity markets (energy, ancillary services, capacity, forward, and retail markets; transmission and distribution tariff design and regulated cost allocation; treatment of storage and distributed resources; and renewable energy procurement and market integration) in Australia, Canada, Europe, and the United States.

Derek holds a Ph.D. in economics and is an Adjunct Assistant Professor in the Department of Economics at the University of Calgary and an Adjunct Research Professor in the Department of Economics at Carleton University. His research related to electricity markets has been published in, among other places, the Canadian Journal of Economics, The Energy Journal, and the Electricity Journal.

Director, Critical Infrastructure

Anders Renborg

Anders Renborg is Director, Critical Infrastructure. Anders brings over 30 years of Alberta Utility and Power Generation experience. Anders broad commodities experience includes natural gas procurement, natural gas storage, power asset optimization including real time operations, spot and forward market as well as establishing a retail power and gas business. He graduated in Engineering from the University of Calgary.

Director, Compliance

Andrew Wilkins

Andrew Wilkins is Director, Compliance at the Alberta Market Surveillance Administrator (MSA). Prior to being appointed to this role, Andrew was Team Lead, Compliance Monitoring at the Alberta Electric System Operator; Manager, Compliance at the MSA; Economist at the MSA; Research Associate at the University of Calgary; and Competition Law Officer at the Competition Bureau (Canada). Andrew holds an MA (Economics) and has instructed several courses in economics at the University of Calgary.

Manager, Analytics

Ketan Lakhani

Ketan Lakhani joined the MSA as Manager, Analytics in the Winter of 2019 as part of the Capacity Markets group. Ketan’s efforts will contribute to the MSA monitoring and enforcement functions. Prior to being appointed to this position Ketan was at the Alberta Electric System Operator (AESO) in progressive roles in the Markets and Compliance departments for over 12 years. His professional career includes leading aspects of the capacity and energy-only Markets quantitative analysis and has a passion for data both strategic and quantitative. Ketan holds a M.Sc. in Predictive Analytics (Northwestern University) and a B.Sc. in Actuarial Science (University Of Calgary).