The report factors local conditions to show how renewable energy deployment varies across jurisdictions. It considers energy technologies in five key markets—British Columbia, Alberta, Ontario, Quebec and Atlantic Canada.
Alberta has been a “clear leader” in renewables growth over the last five years, but the turmoil of the provincial moratorium introduced in August 2023 created significant uncertainty and is threatening higher costs and reduced revenues for renewable projects there, the report authors say.
Ontario is “on the edge of significant change,” the report says, as the province’s Independent Electricity System Operator’s recent energy procurement windows will greatly increase capacity—though the procurements have been “technology agnostic” to include non-renewable sources.
Quebec, too, has signalled a significant increase in capacity, with recent announcements for up to 11 gigawatts of new wind capacity and commitments to purchase 3,000 megawatts of solar power by 2035.
Onshore wind capacity is ramping up in Atlantic Canada, and there is great opportunity to capitalize on offshore wind resources there, say the report authors. Meanwhile, British Columbia is seeking to add more wind and solar.
Technological advancements and declining costs for wind, solar, and storage are expected to continue in the short to medium term, Dunsky partner Ahmed Hanafy told the launch. Those falling costs will likely level out in time due to factors like inflation, or labour and supply chain bottlenecks.
The report also sheds light on a promising “economic story of renewables,” Hanafy said. Overall net investment opportunities are expected to reach as high as $14 to $20 billion of per year for wind, solar, and storage—adding up to “something in order $143 to $205 billion investment that will be injected into Canadian economy” over the next 10 years, as well as employment benefits on the order of 250,000 to 350,000 direct and indirect full-time equivalent job-years.
This is not just “a feel good story” for the economy and climate, Hanafy said. “These are resources that will contribute significantly to an affordable electricity system and also unlock billions of dollars of investments to create hundreds of thousands of jobs and support our long-term prosperity as a country.”
