Alberta finally got its “grand bargain” on energy, but not the way anyone expected. In this episode, Cheryl and Erika break down the new Alberta–Ottawa MOU that scraps the federal oil and gas emissions cap, suspends clean electricity regs, speeds up project approvals to two years, and gives a potential pipeline to Asia a fast-track “national interest” stamp. They unpack how Danielle Smith turned a nine-point ultimatum into seven big-ticket concessions, what Mark Carney gets in return on industrial carbon pricing and net-zero by 2050, and why a Calgary Chamber crowd gave a Liberal prime minister a standing ovation for an energy deal. If you keep hearing “pipeline deal” but don’t really know what’s in it, this is your crib sheet. But this isn’t just about Alberta’s vibes. Cheryl walks through why coastal First Nations and BC’s NDP government still hold the real veto power, how this changes separatist politics on the Prairies, and what it means for the federal Liberals, Conservatives and NDP heading into the next election. Plus, the back half gets spicy: the UCP’s second use of the notwithstanding clause, the new two-tier health care experiment, and what all of it says about where Alberta politics is headed next.