Canada’s National Energy Board (NEB) has released an update to its long-term energy outlook, lowering both the future price of crude and the estimated increase in Canadian oil production by 2040.
‘Canada’s Energy Future 2016: Update’ suggests that energy use will continue to increase but at a slower pace compared to the NEB’s last projections and at a much slower pace than Canada has seen over the last 25 years.
In the report’s reference case, Canadian crude oil production continues to grow, but at a slower rate than in the previous report released in January 2016. The global price of oil remains a key uncertainty for future growth.
By 2040, coal-fired generation without carbon capture and storage technology accounts for a very small part of Canada’s electricity mix. To replace declining coal generation, considerable natural gas and renewable energy has been added over the projection period.