Canada Power Market Outlook to 2035 – Market Trends, Regulations and Competitive Landscape

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Canada Power Market Report Overview

The annual power consumption in Canada was 555.4TWh in 2022. It is expected to have a CAGR growth of less than 1% during 2022-2035. The majority of Canada’s annual power generation comes from hydropower. However, high dependence on hydropower generation is one of the major challenges for the Canadian power sector. As a result, the Canadian government is taking gradual steps toward adopting renewable power. The Canadian Government has announced the phase-out of traditional coal-based power plants by 2030 and is looking to replace the capacity with hydro and renewable power sources.

Canada Power Market Outlook (2022-2035)

Canada Power Market Outlook (2022-2035)

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The Canada power market research report discusses the power market structure of Canada and provides historical and forecast numbers for capacity, generation, and consumption up to 2035. Detailed analysis of the country’s power market regulatory structure, competitive landscape, and a list of major power plants are provided. The report also gives a snapshot of the power sector in the country on broad parameters of macroeconomics, supply security, generation infrastructure, transmission and distribution infrastructure, electricity import and export scenario, degree of competition, regulatory scenario, and future potential. An analysis of the deals in the country’s power sector is also included in the report.

Total Power Consumption (2022) 555.4TWh
CAGR (2022-2035) <1%
Historical Period 2010-2022
Forecast Period 2023-2035
Key Sector ·        Industrial Sector

·        Residential Sector

·        Commercial Sector

·        Transport Sector

Key Deal Types ·        Equity Offerings

·        Acquisition

·        Partnerships

·        Debt Offerings

·        Venture Financing

·        Asset Transactions

·        Private Equity

Key Companies ·        Hydro-Quebec

·        Ontario Power Generation Inc

·        BC Hydro

·        Manitoba Hydro-Electric Board

·        Nalcor Energy Ltd

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Canada Power Market by Sectors

The industrial sector had the dominant share in power consumption in 2022

The key sectors in the Canada power market are the residential sector, industrial sector, transport sector, commercial sector, and other sectors. In 2022, the industrial sector accounted for the highest share in power consumption in the Canada power market, followed by the residential sector and the commercial sector.

Canada Power Consumption Market Analysis by Sectors, 2022 (%)

Canada Power Consumption Market Analysis by Sectors, 2022 (%)

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Canada Power Market Segmentation by Deal Types

Most of the deals in the Canada power market were equity offerings in 2022

The key deal types recorded in the Canada power market in 2022 are partnerships, debt offerings, acquisitions, asset transactions, and others. A total of 217 deals were executed in 2022. Equity offerings dominated Canada’s power market in 2022, followed by acquisition and partnerships based on deal types.

Canada Power Market Analysis by Deal Types, 2022 (%)

Canada Power Market Analysis by Deal Types, 2022 (%)

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Canada Power Market – Competitive Landscape

In 2022, Canada’s power generation market was dominated by Hydro-Quebec

The key companies in the Canada power market include:

  • Hydro-Quebec
  • Ontario Power Generation Inc,
  • BC Hydro
  • Manitoba Hydro-Electric Board
  • Nalcor Energy Ltd

Hydro-Quebec: Hydro-Quebec is a state-owned energy utility that generates, transmits and distributes electricity. The company produces power from the sources such as hydro, diesel, gas, nuclear, wind, solar, biomass and others. Hydro-Quebec markets system capacity and manages electricity flow across Quebec; provides customer services and promotes energy efficiency. The company also designs, constructs, and renovates the generation and transmission facilities, primarily for Hydro-Quebec Production and Hydro-Quebec TransEnergie. The company also develops battery materials for electric vehicles and has a presence in the electric powertrain market. The company has operations in the US and Canada. Hydro-Quebec is headquartered in Montreal, Quebec, Canada.

Canada Power Generation Market Analysis by Companies, 2022 (%)

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Latest Developments

  • In March 2023, Hydro-Quebec accepted seven projects totaling nearly 1,150 MW of Wind Power. This could let the company expand its power generation assets and help diversify the source of power generation.
  • In March 2023, Ontario Power Generation Inc joined GE-Hitachi, TVA and Synthos to advance new nuclear technology. Through this collaboration, the company aims to develop and deploy the GEH BWRX-300 Small Modular Reactor globally. This collaboration is also aimed at developing new nuclear power technologies, which are designed to reduce the construction cost and keep the operating costs low.

Segments Covered in the Report

Canada Power Type Industry Outlook (Value, 2010-2035)

  • Residential Sector
  • Industrial Sector
  • Transport Sector
  • Other Sector
  • Commercial Sector

Canada Power Market Deal Type Outlook (Value, 2010-2035)

  • Equity Offerings
  • Acquisition
  • Partnerships
  • Debt Offerings
  • Venture Financing
  • Asset Transactions
  • Private Equity

Scope

  • Snapshot of the country’s power sector across parameters – macroeconomics, supply security, generation infrastructure, transmission infrastructure, electricity imports and exports scenario, degree of competition, regulatory scenario, and future potential of the power sector.
  • Statistics for installed capacity, generation, and consumption from 2010 to 2022, and forecast for the next 13 years to 2035.
  • Capacity, generation, and major power plants by technology.
  • Data on leading active and upcoming power plants.
  • Information on transmission and distribution infrastructure, electricity imports and exports,
  • Policy and regulatory framework governing the market.
  • Detailed analysis of top market participants, including market share analysis and SWOT analysis.

Reasons to Buy

  • Identify market opportunities and business plan strategies through our comprehensive analysis of investment opportunities in the country’s power sector.
  • Identify key factors driving investment opportunities in the country’s power sector.
  • Optimize strategic decision-making through our historical and forecast data.
  • Create accurate data governance by understanding the latest regulatory events.
  • Understand the maximum advantage of the industry’s growth potential.
  • Identify key partners and business development avenues.
  • Identify key strengths and weaknesses of important market participants.
  • Respond to your competitors’ business structure, strategy, and prospects.

Hydro-Quebec
Ontario Power Generation Inc
BC Hydro
TransAlta Corp
Manitoba Hydro-Electric Board
Nalcor Energy Ltd

Table of Contents

Table of Contents

1 Executive Summary

1.1 Canada continues to depend on hydropower for its electricity needs which limits renewable growth.

1.2 Hydro Quebec continues to dominate Canada’s power generation market.

2 Introduction

2.1 Canada Power Market

2.2 GlobalData Report Guidance

3 Canada Power Market, Snapshot

3.1 Country Summary

3.2 Macroeconomic Factors

3.3 Supply Security

3.4 Opportunities

3.5 Challenges

4 Canada Power Market, Market Analysis

4.1 Market Structure

4.2 Key Market Players

4.3 Financial Deals

Deal Value and Volume, 2010–2022

Deals by Type, 2022

4.4 Canada Power Market, Demand Structure

Power Consumption by Sector, 2022

5 Canada Power Market, Regulatory Scenario

5.1 Thermal Power Policy

5.2 Hydropower Policy

5.3 Nuclear Power Policy

5.4 Renewable Energy Market, Overview

Renewable Energy Targets

Policy Snapshot

5.5 Federal Programs, Canada

Investment Tax Credits

New Federal Tax Policy

New Carbon Tax

Federal Incentive Programs

Hydrogen Energy

5.6 Renewable Energy Policy Framework, Alberta

Climate Leadership Plan (CLP)

Renewable Energy Program (REP) – Auctions

Net Metering

Technology Innovation and Emissions Reduction (TIER) Regulation

Alberta Municipal Solar Program (AMSP)

Market and Operational Framework for Wind Integration

5.7 Renewable Energy Policy Framework, British Columbia

Clean Energy Act

Hydro Net Metering

Climate Change Accountability Act

CleanBC Plan

Carbon pricing

Innovative Clean Energy Fund

B.C Hydrogen Strategy

5.8 Renewable Energy Policy Framework, Manitoba

Climate and Green Plan

Clean Energy Strategy

Residential Earth Power Loan

Green Energy Equipment Tax Credit

5.9 Renewable Energy Policy Framework, New Brunswick (NB)

Climate Change Action Plan

New Brunswick Regulation 2015-60

Renewable Portfolio Standard

Net Metering

Community Renewable Energy

Large industrial renewable energy purchase program

5.10 Renewable Energy Policy Framework, Newfoundland and Labrador

2007 Energy Plan

Net Metering

Biogas Electricity Generation Program

5.11 Renewable Energy Policy Framework, Northwest Territories (NWT)

2030 Energy Strategy: The Energy Action Plan (2018-2021)

Arctic Energy Alliance (AEA)

Net Metering

5.12 Renewable Energy Policy Framework, Nova Scotia

Renewable Electricity Plan, 2010

Renewable Electricity Standard Regulations

Updated Renewables Target

Business Plan 2021-2022

Cap and Trade Program

Net Metering

Renewable to Retail Program

Offshore Wind Auctions

Marine Renewable Energy Act

Solar Electricity for Community Buildings Program

SolarHomes Program

Community Economic Development Investment Fund (CEDIF)

5.13 Renewable Energy Policy Framework, Ontario

Green Energy Repeal Act, 2018

Bill 34

Long Term Energy Plan, 2017

Climate Change Mitigation and Low-carbon Economy Act

Net Metering

5.14 Renewable Energy Policy Framework, Prince Edward Island (PEI)

Provincial Energy Strategy (2016)

Tax exemption

Clean Energy Price Incentive

Net metering

Solar Electric Rebate Program

Energy Saving Bonds

Climate Change Action Plan 2018-2023

5.15 Renewable Energy Policy Framework, Quebec

Energy Policy 2030

2018-2023 Action Plan

Net Metering

Auctions

5.16 Renewable Energy Policy Framework, Saskatchewan

Renewable Energy Targets

Request for qualification (RFQ) & Request for proposal (RFP) Process

Net Metering Program

6 Canada Power Market, Capacity and Generation

6.1 Cumulative Capacity Share by Technology, 2022

6.2 Total Power Capacity and Generation, 2010–2035

6.3 Thermal Power Capacity and Generation, 2010–2035

6.4 Hydropower Capacity and Generation, 2010–2035

6.5 Nuclear Power Capacity and Generation, 2030–2035

6.6 Renewable Power Capacity and Generation, 2010–2035

7 Canada Power Market, Transmission and Distribution Overview

7.1 Transmission Network

7.2 Distribution Network

7.3 Electricity Import and Export

7.4 Grid Interconnection

7.5 Electricity Trading

8 Canada Power Market, Major Generating Companies

8.1 Hydro-Quebec

Company Overview

Business Description

SWOT Overview

8.2 Ontario Power Generation Inc

Company Overview

Business Description

SWOT Overview

8.3 BC Hydro

Company Overview

Business Description

SWOT Overview

8.4 Manitoba Hydro-Electric Board

Company Overview

Business Description

SWOT Overview

8.5 TransAlta Corp

Company Overview

Business Description

SWOT Overview

9 Appendix

9.1 Abbreviations

9.2 Market Definitions

Power

Renewable Power

Installed Capacity

Electricity Generation

Electricity Consumption

9.3 Methodology

Coverage

Secondary Research

Primary Research

Modelling and Forecasting

About GlobalData

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Table

List of Tables

Table 1: Power Market, Canada, Macroeconomic Factors, 2010–2030

Table 2: Key Regulatory Authorities, Canada

Table 3: Renewable Energy Targets, Federal and Provincial, Canada

Table 4: Policy Snapshot, Canada, 2022

Table 5: Hydrogen Energy Strategy, Canada, 2020-2050

Table 6: Rebate Per Watt of Total Solar PV Installed Capacity (CAD/W), Alberta, 2022

Table 7: Investments for 2030 Energy Strategy by Strategic Objective, NWT, 2018-2021

Table 8: Power Market, Canada, Cumulative Capacity and Annual Generation, 2010–2035

Table 9: Power Market, Canada, Cumulative Capacity and Annual Generation Share by Technology, 2010–2035

Table 10: Thermal Power Market, Canada, Cumulative Capacity and Annual Generation, 2010–2035

Table 11: Thermal Power Market, Canada, Major Plants, 2022

Table 12: Hydropower Market, Canada, Cumulative Capacity and Annual Generation, 2010–2035

Table 13: Hydropower Market, Canada, Major Plants, 2022

Table 14: Nuclear Power Market, Canada, Cumulative Capacity and Annual Generation, 2010–2035

Table 15: Nuclear Power Market, Canada, Major Plants, 2022

Table 16: Renewable Power Market, Canada, Cumulative Capacity (GW), 2010–2035

Table 17: Renewable Power Market, Canada, Annual Generation (TWh), 2010–2035

Table 18: Renewable Power Market, Canada, Major Plants, 2022

Table 19: Power Market, Canada, Transmission Line Length (Ckm) by Voltage Level, 2010–2027

Table 20: Power Market, Canada, Distribution Line Length (Ckm) by Voltage Level, 2010–2027

Table 21: Power Market, Canada, Annual Electricity Import and Export (TWh), 2000–2022

Table 22: Power Market, Canada, Upcoming Interconnection Projects

Table 23: Abbreviations

Figures

List of Figures

Figure 1: Power Market, Canada, Capacity Share by Technology, 2010–2035

Figure 2: Power Market, Canada, Market Share of Generation Companies (%), 2022

Figure 3: Power Market, Canada, Country Summary

Figure 4: Power Market, Canada, Macroeconomic Factors, 2010–2030

Figure 5: Power Market, Canada, Market Structure

Figure 6: Power Market, Canada, Market Share of Generation Companies (%), 2022

Figure 7: Power Market, Canada, Deal Value and Number of Deals, 2010–2022

Figure 8: Power Market, Canada, Deals by Type (%), 2022

Figure 9: Power Market, Canada, Annual Power Consumption, 2010–2035

Figure 10: Power Market, Canada, Power Consumption by Sector (%), 2022

Figure 11: Power Market, Canada, Cumulative Capacity Share by Technology (%), 2022

Figure 12: Power Market, Canada, Cumulative Capacity and Annual Generation, 2010–2035

Figure 13: Power Market, Canada, Capacity Share by Technology, 2010–2035

Figure 14: Power Market, Canada, Annual Generation Share by Technology, 2010–2035

Figure 15: Thermal Power Market, Canada, Cumulative Capacity and Annual Generation, 2010–2035

Figure 16: Hydropower Market, Canada, Cumulative Capacity and Annual Generation, 2010–2035

Figure 17: Nuclear Power Market, Canada, Cumulative Capacity and Annual Generation, 2010–2035

Figure 18: Renewable Power Market, Canada, Cumulative Capacity, 2010–2035

Figure 19: Renewable Power Market, Canada, Annual Generation, 2010–2035

Figure 20: Power Market, Canada, Annual Electricity Import and Export, 2000–2022

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