According to study, “Canada Power Market Outlook to 2030, Update 2018 – Market Trends, Regulations, and Competitive Landscape” some of the major companies that are working in the Canada power market are Hydro-Quebec, Ontario Power Generation Inc, BC Hydro, TransAlta Corporation, Manitoba Hydro-Electric Board, Crown Corporations.
The power market in Canada has played a significant role in the economic and political life of the country.The market varies from province to province in country. Each province controls the electricity generation, intra-provincial electricity transmission, electricity distribution and market structure within its borders.Five provinces and territories generated the vast majority oftheir electricity from hydro. The 66% of power comes from renewable sources. By the end of 2017, the Canada had total installed power generation capacity of 135gigawatts (GW).
The primary sources of power generated are hydro power, nuclear energy, coal, natural gas, wind power and solar power. The renewable energy accounts forthe significant contribution in the country’s energy matrix such as hydro, wind, solar and biomass. Hydropower can provide unique flexibility and energy storage capacity and also can help control floods and store water for irrigation. Canada is the world’s second largest producer of hydroelectricity, accounts for about 60 percent of the overall capacity.
Despite various policies and programs in support ofrenewables, new capacity additions in Canada have beenlimited as a result of low growth in electricity demand andthe long operating life of existing facilities. Cost concernsand local opposition have also limited the growth opportunities. Canada exports nearly 10% of its power to USA and the majority of exports come from hydropower.This helps eliminate millions of tons of CO2 emissions each year.
In Canada, there are many regulatory authorities of power market, which are; national energy board (NEB), Ontario energy board (OEB), Canadian nuclear safety commission and Alberta utilities commission. NEB federal agency has jurisdiction over electricity exports and inter-provincial electricity transmission. OEB regulates all electricity market participants, including Hydro One (grid operator), Ontario Power Generation, and the Independent Electricity System Operator, as well as a myriad generators, transmitters, distributors, wholesalers, and retailers: it also actively regulates retail natural gas distribution and sales. Canadian nuclear safety commission federal agency regulates safety at nuclear power plants and research facilities and the use of nuclear materials such as radionuclide. Additionally, Alberta Utilities Commission regulates retail natural gas distribution and sales in addition to electricity sector activities.
Adoption of new technologies can be encouraged by climate policies, such as carbon pricingor other options, which improve the competitiveness of low or non-emitting technologies.Canadian Electricity Association members generate, transmit and distribute electrical energy to industrial,commercial, residential and institutional customersacross Canada every day.The industry is adapting to the major technologicalchanges including greater use ofinformation technology, smart grid applications,renewable technology integration, electrificationof transportation and the development of moredecentralized forms of generation.
In 2017, Canada’s installed wind energy capacity was 12,796 megawatts (MW) enough to power over 3.8 million homes, which has grown by an average of 15% annually. In 2018, Canada is the world’s ninth largest producer of wind power.There are 297 wind farms in country.It is estimated that, total investment in the power generation sector will be reached US$290 billion by 2030. In the upcoming years, electricity demand will continue to grow with the conservation efforts promoting of hydropower industry.
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Ankur Gupta, Head Marketing & Communications