Stairway to Hell

By Peter Tertzakian

How we get and use our energy is undergoing big change. What does it mean to you?

This story and discussion guide from renowned energy pundit Peter Tertzakian will help you understand. Stairway to Hell is about corporate failure in the extreme.A cautionary tale of a once-bustling coal-mining hub turned ghost town, it examines the perils of relying on hope as a strategy in the face of competitive assault. Its lessons are as true now as they were then — and the repercussions as dire. The questions in this guide invite you to dig deep into the issues, while Peter’s answers offer his own insights, providing more fuel for thought. Together, they’ll inspire you to learn from the past, understand the present and prepare for the future.

• Language: English
• Publisher: Peter Tertzakian
• Release date: Mar 5, 2020
• ISBN: 9781999111359

Peter Tertzakian

The quintessential energyphile, Peter Tertzakian has devoted his career to energy, first as a physicist, then as an economist and investment executive. He’s written two bestsellers — A Thousand Barrels a Second and The End of Energy Obesity — and is sought around the world as a trusted, engaging speaker. Energyphile is the culmination of his passion and knowledge.

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Stairway to Hell

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Copyright © 2020 by Peter Tertzakian

All rights reserved. No part of this book may be reproduced, stored in a retrieval system or transmitted, in any form or by any means, without the prior written consent of the publisher or a licence from The Canadian Copyright Licensing Agency (Access Copyright). For a copyright licence, visit accesscopyright.ca or call toll free to 1-800-893-5777.

This story incorporates fictional elements inspired by historical artifacts and is based on the author’s own research. Certain names, characterizations, descriptions and scenarios are either products of the author’s imagination or used in a fictitious manner.

Where deemed necessary, every reasonable effort has been made to contact the copyright holders for work reproduced in this book.

Published by Energyphile Media Inc.

energyphile.org

ISBN 978-1-9991113-4-2 (paperback)

ISBN 978-1-9991113-5-9 (ebook)

Produced by Page Two

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Edited by Lori Burwash

Cover and interior design by Taysia Louie

Original design concept by Christina Sweetman

ebook design by Bright Wing Media

Contents

Preamble

Stairway to Hell

Questions and Answers

Facilitator’s Guide

Sources Cited and Image Credits

Landmarks

Cover

Body Matter

Chapter

Title Page

Half Title Page

Copyright Page

Back Matter

Back Matter

Back Matter

Table of Contents

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Preamble

Popular business culture is awash with success stories. Tech entrepreneurs who go from zero to billions are feted in books and magazines and across every media channel. Their accomplishments are impressive and often inspiring.

But what about failure stories? We don’t hear them quite as often. That’s because demise is a lot harder to acknowledge and discuss. But, as you and I both know, much can be learned from failure. Some argue that falling down a few times is a prerequisite for success. I tend to agree.

Stairway to Hell is about corporate failure in the extreme. So extreme that the 1922 insolvency of a local coal mining company wiped out Bankhead, a once-vibrant community of 1,500 people in the Canadian Rockies.

I’ve been to Bankhead at least 10 times, wandering through its deserted remains. As I’ve explored the ghost town, I’ve relived the spirit of its people, its history and its tragedies — and I’ve learned a lot from its downfall. What’s eerie is how much this story can be juxtaposed with corporate tales from the energy business today.

While Mine No. 80 was plagued by many issues, including low-quality product and high-cost production, Stairway to Hell boils down to one tenet: hope is not a strategy. Cliché, yes, but, in the slipstream of failing enterprises, it’s a pervasive dictum.

Strangely, the tale of Bankhead’s demise is more inspiring to me than a typical success story. Its insights into what causes failure can be flipped around to reveal lessons for success for us all.

What the hell happened here?

Stairway

- to Hell -

Jason and Katie are in love. It says so on the crumbling concrete wall in front of me. Or at least they were in love, a long time ago, when Jason took a pencil and