The Canada Energy Regulator (CER) recently released its long-term energy outlook: Canada’s Energy Future 2019: Energy Supply and Demand Projections to 2040. The report explores how climate, new technology and other developments will impact Canada’s energy consumption and production over the next two decades.
According to the report, in Ontario, natural gas and other renewables will be used to replace coal-fired electricity generation, which is projected to lower Canada’s electricity emissions over the next 20 years. The use of wind and solar power will double over the outlook period, but hydro will remain the dominant source of renewable electricity energy in 2040.
Also highlighted in the report’s findings: liquified natural gas exports is projected to be an important driver of natural gas production and Canadian oil pricing will rely on the availability of export pipelines and rail capacity.
“If approved pipeline projects (Trans Mountain, Keystone XL, Line 3) proceed as announced, along with continued volumes of crude by rail, there will be sufficient takeaway capacity to accommodate production growth over the next 20 years,” said a release from CER.
The outlook report predicts natural gas usage will increase by 18 percent, while oil product use will decline by 7 percent, and coal use declines by nearly 75 percent. The report generates an outlook by examining current economic factors such as energy prices and current climate and energy policies.
On June 21, 2019, the Canadian government replaced the National Energy Board Act with the Canadian Energy Regulator (CER) Act to introduce some changes, enforce conditions, inspect facilities and conduct other oversight activities to protect the Canadian people and the environment.
The country’s energy future looks bright; known for its abundance of natural gas resources, Canada is on par to become one of the world’s leading providers of the fossil fuel.
