Calgary investment dealer FirstEnergy cancels annual Stampede party amid oil downturn

CALGARY — One of the greatest events on the Calgary Stampede’s party circuit won’t go ahead this year.

Investment dealer FirstEnergy Capital states that, the very first time in 2 decades, it won’t be hosting its annual FirstRowdy bash this July.

In past years, the party has been headlined by big-name acts like the Barenaked Ladies.

In a letter to clients, CEO John Chambers and chairman Jim Davidson say the decision to cancel would be a tough one.

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In lieu of FirstRowdy, they are saying FirstEnergy is going to be donating as many as $100,000 to four charities that are centered on helping people in need because of the economic downturn.

Stampede-week parties are often considered a barometer from the economic climate in Calgary, with hosts spending big when times are great and pulling back when they’re not.

Even although the crude downturn was in full swing during last year’s Stampede, FirstRowdy 2015 went ahead with the slogan: “Party like it’s 2014!”

FirstRowdy has raised more than $3 million for 50 different charities because it started.

“It has been an excellent opportunity to celebrate the Calgary Stampede, Alberta’s heritage, and an excellent chance to give back to the community,” wrote Chambers and Davidson. “So it’s not without considerable deliberation that people announce that FirstEnergy will not be hosting FirstRowdy this season.”

The Canadian Press