Canada Energy Regulator outlines long-term energy prospects

By Marcus Lawrence
Share
On 3 December the Canada Energy Regulator (CER) launched its long-term energy outlook focused on the effects of new technologies, i...

On 3 December the Canada Energy Regulator (CER) launched its long-term energy outlook focused on the effects of new technologies, infrastructural upgrades, legislation and consumer attitudes on the market over the next two decades.

CER used the current economic outlook, energy prices and current climate and energy policies to develop its report baseline.

The report, Canada’s Energy Future 2019: Energy Supply and Demand Projections to 2040, highlighted that energy use per Canadian will drop by 15% by 2040, but crude oil and natural gas production will rise despite this and the projected decline of fossil fuel consumption. 

Crude oil production will grow by 50% between 2018 and 2040, while natural gas production will rise by 30% over the same period. The majority of this will be exported, meaning Canada’s total fossil fuel use by 2040 will grow by less than 1%. 

SEE ALSO:

Natural gas use will increase by 18%, but this growth will be offset by diminishing use of other fossil fuel sources. Coal usage, for example, will decline by almost 75%.

To those in step with Canada’s LNG sector, the increase in production over the coming years will come as no surprise. Major projects led by LNG Canada, along with the Trans Mountain, Keystone XL and Line 3 pipeline projects, will enable this growth in the sector.

By 2040, it is expected that wind and solar power generation will account for 10% of Canada’s energy production. Considering the rampant growth in renewable energy capacity in other major markets, this highlights a significant opportunity for investors and project managers to drive this growth further. 

Share

Featured Articles

Why is Equinor Halving Renewables Spend & Growing Oil & Gas?

Equinor is halving its investment in renewable energy over the next two years in favour of increasing oil and gas production

Could Trump's Tariffs Trump's Spark an Energy Trade War?

Trump's tariffs on Chinese imports and suspended duties on Canada and Mexico raise fears of a global trade war, with climate tech supply chains at risk

Q&A with Michael Deighton, SVP Operations at Kent

Michael Deighton, SVP Operations at Kent, discusses how the company leverages its century-long experience to power the world efficiently and sustainably

Chevron and GE Vernova: Tackling AI's Energy Challenges

Technology & AI

What Does Court Ruling Mean for Shell and Prized Oilfields?

Oil & Gas

What Rachel Reeves’ Speech Means for Energy in the UK

Sustainability