RBC says Canada's economic engine may soon face energy shortages
BNN Bloomberg
Canada’s biggest commercial bank says the country will struggle to meet soaring electricity demand in coming years unless governments make tough decisions.
Energy consumption is expected to surge 50 per cent in the next decade but the country’s ability to meet that demand is constrained by its commitment to a net zero grid by 2035, Royal Bank of Canada said in a report Tuesday. Ontario, the most populous province and the country’s economic engine, could face power shortages as early as 2026, the bank warned.
Major infrastructure upgrades are needed to deliver energy between provinces, and to store power to ensure a reliable supply, RBC said, and it’s far from clear where that electricity will come from.
Meanwhile, Canada faces global competition for critical minerals and other materials as countries rush to decarbonize in the wake of a broader energy crisis triggered by Russia’s invasion of Ukraine.
