Forecast: Primary Energy Supply in Canada

The primary energy supply in Canada has exhibited fluctuations over the past decade, peaking in 2019 at 307.92 Million Tonnes Of Oil Equivalent (MTOE) before a significant decline in 2020. The recovery began in 2021, with the energy supply reaching 292.3 MTOE in 2023. Year-on-year variations demonstrate notable volatility, especially influenced by the sharp drop in 2020. The five-year CAGR just prior to 2024 indicates a slight decline at -0.97%, but forecasted data suggest a modest upward trend with a 0.26% CAGR from 2023 to 2028.

Future trends to watch for include the impact of transitioning to renewable energy sources, government policies on energy production, and technological advancements that could influence energy efficiency and overall supply dynamics in Canada.