CALGARY, May 11, 2016 /CNW/ – The National Energy Board (NEB) today released its newest report: ‘Canada’s Energy Future 2016: Province and Territory Outlooks’ that highlights the diversity of energy/electricity sources across Canada for both the production and consumption of energy, including crude oil, hydro, natural gas and solar power resources.
The study shows that Alberta’s crude oil production is expected to continue increasing into the future, lead by oilsands growth. The speed of that growth will be determined by future prices and infrastructure development.
Natural gas production in Alberta is expected to decline between now and 2040, unless prices increase and/or liquefied natural gas exports begin, creating new markets. Alberta’s end-use demand for natural gas varies substantially based on the province’s economic growth and energy production profile.
The report does not include the recent key climate change policy announcement made by various provinces as well as the federal government. An update to the national Energy Futures report will include an examination of these future policies and will be released later this year.
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“Canada’s energy production and consumption picture is as vast and diverse as the country itself. Recognizing this diversity will be critical as we deal with current energy market uncertainties and begin to implement the policies and technologies that will transform Canada to a low-carbon future. The projections in this report serve as an important baseline for those discussions,” said Shelley Milutinovic, Chief Economist, National Energy Board.
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