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National Energy Board Releases Canada's Energy Future 2016: Energy Supply and Demand Projections to 2040
January 27, 2016 - Toronto, Ontario - National Energy Board
Today, at a speech to the Toronto Region Board of Trade, National Energy Board (NEB) Chair and CEO Peter Watson released Canada’s Energy Future 2016: Energy Supply and Demand Projections to 2040. The report is the only publicly available Canadian long-term energy outlook that includes all energy commodities in all provinces and territories.
Canada’s Energy Future 2016 outlines various projections for higher and lower energy prices, and alternate market access and energy infrastructure assumptions. The Report also explores the long-term implications of these uncertainties.
Highlights of Canada’s Energy Future 2016: Energy Supply and Demand Projections to 2040 (Reference Case):
- Total end-use energy demand increases by an average of 0.7 percent per year to 2040.
- Crude oil price of US$80 per barrel by 2020 and US$105 per barrel in 2040.
- Without development of additional pipeline infrastructure, crude oil production grows less quickly, but continues to grow at a moderate pace to 2040.
- Future electricity capacity additions are dominated by renewables and natural gas.
- The majority of Greenhouse Gases emitted in Canada are related to fossil fuel consumption.
- www.neb-one.gc.ca/energyfutures / www.neb-one.gc.ca/avenirenergetique
“Canada’s energy future will not be determined by a single force, but rather, the interaction of many. We need inclusive discussions about energy, the environment, infrastructure and market access. These need to be real conversations between industry, ENGOS, governments, Indigenous Peoples and other Canadians. And they need to be fed by unbiased, reliable, and accessible long-term energy analysis to support common points of understanding.”
- Peter Watson, Chair and CEO, National Energy Board
- Canada’s Energy Future Reports have been publically available since 1967.
- The NEB will update Energy Futures in autumn 2016.
- The NEB publishes weekly Market Snapshots that are available on the NEB web site.
The National Energy Board is an independent federal regulator of several parts of Canada's energy industry with the safety of Canadians and protection of the environment as its top priority. Its purpose is to regulate pipelines, energy development and trade in the Canadian public interest. For more information on the NEB and its mandate, please visit www.neb-one.gc.ca.
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