WEMO24-Compiled Report-Interactive compressed (002) 4154-7882-8116 v.1 - Flipbook - Page 190
MARKET
DATA
• Solar is overtaking wind as the largest single source of new generating capacity in Canada in 2024, but new gas-fired resources, both new facilities and repowered coal plants, are expected to
come into service as well
• Government of Canada announced plans to allow systems that utilize waste biomass to produce heat and/or electricity to claim the country’s Clean Technology Investment Tax Credit and
Clean Electricity Investment Tax Credit.
The federal government plays a supporting role by investing in research
and development and supporting the commercialization of new
technologies.
The Canada Energy Regulator exercises federal jurisdiction over
electricity exports and over international and interprovincial power lines;
The Canadian Nuclear Safety Commission regulates the use of nuclear
energy and materials to protect health, safety, security and the
environment, and to implement Canada’s international commitments on
the peaceful use of nuclear energy.1
CO₂ emissions (million metric tons of CO₂ equivalents)
2023 Electricity mix
600.0
580.0
599.4
596.7
580.0
7.2%
Hydro electric
13.7%
Combustible fuels
Nuclear
560.0
Wind and Solar
20.6%
540.0
58.4%
520.0
2021
2022
Source: Statistics Canada
2023
New generation capacity- Wind (in GW)
Source: Statistical Review of World Energy 2024
20
16.9
23.6
10
New generation capacity- Hydro (in GW)
90.0
0
2023
2030
Carbon pricing (C$)
80
86.5
83.5
65
60
50
80.0
40
40
Sources: Canadian Renewable Energy Association and Statista
Canada has three power grids such as the Western grid, the Eastern
grid, and the Quebec grid. Canada’s grids are also tied into the United
States’ grids through 37 major transmission lines from New England to
the Paci昀椀c Northwest.
70.0
20
30
20
0
2023
2030
0
Sources: IRENA, Internal Forecast
2019
The Canada Energy Regulator describes Canada’s electricity grid as
“fragmented,” with few grid connections that link di昀昀erent locations
together. Large grid connections primarily connect provinces to the
United States and electricity 昀氀ows north to south.3
.
BC Hydro received a strong response to its call for new renewable
power-generation projects while it continues to build out and strengthen
B.C.’s electricity grid, creating jobs and supporting clean growth; Out of
the proposals received, approx. 70% are wind projects, 20% are solar, and
10% include biomass and hydro4
Sources:
https://www.canada.ca/en/natural-resources-canada/news/2023/09/federal-government-invests-in-12-new-wind-solar-and-smart-grid-projects-with-albertaindigenous-and-industry-partners.html
https://www.energyinst.org/_ _data/assets/pdf_file/0006/1542714/EI_Stats_Review_2024.pdf
https://www.forbes.com/advisor/ca/personal-finance/canada-carbon-tax-increase/
https://www.statista.com/statistics/208616/wind-power-generation-in-canada/
https://renewablesassociation.ca/news-release-new-2023-data-shows-11-2-growth-for-wind-solar-energy-storage/#:~:text=CanREA's%20annual%20industry%20
data%20for,solar%20energy%20and%20energy%20storage.
https://natural-resources.canada.ca/our-natural-resources/energy-sources-distribution/electricity-infrastructure/about-electricity/7359#structure
2020
2021
2022
2023
Source: Government of Canada and Forbes
Energy tax credits and subsidies
Public (municipal,
provincial): Around
60% of the utilities
are municipally
owned
Private
(Investor-Owned)
Co-operative
20% are owned by
co-operatives
Provincial governments exercise their jurisdiction through provincial
Crown utilities and regulatory agencies. Traditionally, electricity has
been provided mainly by vertically-integrated electric utilities that
were often provincial Crown corporations with monopoly rights (e.g.,
Manitoba Hydro).
Refundable tax credit for clean energy
investments, including solar photovoltaic,
wind, storage and small modular nuclear
reactors.
30% of up to CAD 6.7 billion over 昀椀ve years
Investment Tax Credit for Clean Electricity
15%
Investment Tax Credit for Clean
Hydrogen
At least 40% the lowest carbon intensity
tier that meets all eligibility requirements
WEMO 2024
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