Skyrocketing electricity demand on Canada’s grids over the next 25 years is set to turbocharge the construction of new renewable energy projects after the recent market downturn, according to a new industry forecast.
Provincial power procurements slated for later this year by several provinces are expected to spur investment of more than $200 billion by 2035, the report, produced by Canadian Renewable Energy Association (CanREA) with analysts Dunsky Energy, predicted.
Canada currently has little over 20,000 MW of clean energy production online, but expansion in BC, Ontario, Quebec and the Maritimes could be rapid as the “dampening” impact of Alberta’s anti-renewables policies lifts, said Leonard Kula, vice president of policy at CanREA.
Alberta had over the past decade created the industrial conditions for the province to grow into a Canadian powerhouse accounting for 92 per cent of the country’s new clean energy generating capacity in 2023, with over 10,000 MW of wind and solar current installed, but developer interest waned swiftly after the renewables freeze, he said.
“Electricity demand is rising rapidly on many provincial grids, and wind and solar are well-placed to meet the increased need as the cheapest and quickest to deploy generation,” says CanREA’s Leonard Kula. Read more here.