Renewables and energy storage see gradual, regional growth in Canada

Source: CCE | · CANADIAN CONSULTING ENGINEER · | February 1, 2024

Canada’s wind, solar and energy-storage sectors grew by 11.2% over the past year, according to an annual industry data report released this week by the Ottawa-based Canadian Renewable Energy Association (CanREA).

CanREA calculates the industry added 2.3 GW of newly installed capacity in 2023, including more than 1.7 GW of utility-scale wind, nearly 360 MW of utility-scale solar, 86 MW of on-site solar and 140 MW / 190 MWh of energy storage.

As a result, Canada now has a total installed capacity of more than 21.9 GW, including 20.4 GW of utility-scale wind and solar energy, 1.2 GW of on-site (i.e. behind-the-meter) solar and 356 MW / 539 MWh of energy storage. This capacity is only expected to grow further with efforts to reach net-zero targets in 2035 and 2050.

That said, the trend has been region-specific. While the industry did well in Alberta, Yukon, Northwest Territories, New Brunswick and Prince Edward Island, other provinces saw no growth in 2023. CanREA suggests this is due to their lack of centralized procurements and corporate power purchase agreement (PPA) offerings, but further progress is still expected in those provinces and, in many cases, is already underway.

Taking all announced procurements into account, the organization finds Canada could reach nearly 58 GW of renewable energy and energy storage capacity by 2035. Even this, however, is less than will be needed to meet commitments to net-zero greenhouse gas (GHG) emissions.