Forecast: Total Primary Energy Supply in Canada

In 2023, Canada's Total Primary Energy Supply was positioned slightly below the 2024 forecast, at an estimated 290 million tonnes of oil equivalent. The forecast from 2024 to 2028 indicates a gradual increase in energy supply, with increments of approximately 0.5% to 0.6% each year. Over the five years, the compound annual growth rate (CAGR) is expected to be around 0.5%. This suggests a steady yet modest growth in Canada's primary energy supply.

Future trends to watch for include the influence of energy transition policies aiming to reduce carbon emissions, technological advancements in energy efficiency, and potential shifts in energy demand resulting from economic activities and environmental priorities.