Exploring New Energy Opportunities in Canada
Earlier this Spring, TransCanada joined the trend of energy companies backing out of deals to purchase power from coal-fired plants in Alberta, Canada. In 2015, Alberta’s government, under the New Democratic Party, unveiled their climate change strategy, which included a goal to transition from burning coal to renewable energy and natural gas generation by 2030.
Companies like TransCanada blame the stronger environmental policy for making their purchase of coal-generated energy unprofitable.
However, others suggest the lack of profitability comes from the rising costs of CO2 emissions from coal-fired plants coupled with the decreasing costs of alternative forms of energy generation. These changes continue to incentivize the investment in renewables. Alberta plans to spend $50 billion on their renewable energy project over the next fourteen years. More details will be released later this fall.
Meanwhile other provinces are also taking the lead on climate policy. Quebec, like California, is implementing a cap-and-trade system as well as a carbon levy. Ontario continues to build the renewable energy sector and promote clean energy jobs under the Green Energy Act. Their long term energy plan includes installing 20,000MW of renewable energyby 2025—about half of Ontario’s capacity.
With our recent acquisition of Endura Energy, we are tapping into the potential for solar projects across Canada, in addition to other growing markets. Given the advancements of solar loans and solar PPA, we are now able to reduce upfront costs and create immediate savings on electricity bills, while producing clean, sustainable energy.
Canada’s cleantech industry has already seen a lot of progress. It currently employs more Canadians than other major industries such as forestry, pharmaceutical, and medical devices. What it lacks is financing support—from banks and other various financial institutions—to continue its growth. Renewables aren’t just the future solution for energy; they’re experiencing vast success at present. It’s time to invest.