Canada’s power grid will need an annual investment of $15 billion for the next 20 years in order to maintain aging facilities and meet rising demand, according to a report released Thursday.
Canada’s Electricity Infrastructure: Building a Case for Investment, a study funded by the Canadian Electrical Association and conducted by the Conference Board of Canada, suggests that a total investment of $293.8 billion is necessary between now and 2030 to service old infrastructure and boost power generation from renewable sources like wind, solar and biomass energy.
"We want to be open and frank with Canadians, because this will all be reflected in the price of electricity," says Pierre Guimond, president and CEO of the Canadian Electricity Association.
Investment in Canada’s electrical grid was high in the 1970s and '80s, as power producers attempted to meet a significant growth in demand. The result was overbuilding, and supply overwhelmed demand. That helped to keep the cost of electricity low for several decades, but now major new investment is needed to replace worn out plants.
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