Alberta's Renewable Energy Sector Projected for Significant Growth
Alberta is forecasted to lead Canada's renewable energy growth, with 95% of new projects expected by 2025. Investment in wind and solar is supported by government initiatives and decreasing capital costs, positioning Alberta as a competitive market for renewable energy development.
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Alberta is projected to account for 95% of new renewable energy projects in Canada by 2025, driven by strong government support and a competitive carbon market. The Alberta Electric System Operator (AESO) anticipates that by 2041, new capacities will include 3,127MW of wind, 1,018MW of solar, and 150MW of storage in its reference scenario.
Notably, in its optimistic 'clean tech' scenario, these numbers increase significantly to 3,667MW of wind and 2,698MW of solar. With Alberta's solar and wind resources among the best globally, the province is moving towards a coal-free grid by 2023, ahead of the 2030 target.
Falling capital costs for renewables are making these projects increasingly competitive with natural gas. The AESO estimates capital costs for wind at $1,586/kW by 2025 and solar at $1,643/kW, indicating a shift towards more sustainable energy sources.
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