esisting German demands for centralized budgetary supervision. Our annual energy discussion with Vaclav Every year, I sit down with Vaclav Smil from the University of Manitoba to discuss “the year in energy”. Vaclav is one of the world’s foremost experts on energy issues, and has written over 30 books and 300 papers on the

e projects and valuations. Michael Cembalest Chief Investment Officer Notes Vaclav Smil is a Distinguished Professor in the Faculty of Environment at the University of Manitoba in Winnipeg and a Fellow of the Royal Society of Canada. His interdisciplinary research has included the studies of energy systems (resources, conver