Forecast: Total Electricity Generation in Canada

In 2023, Canada's total electricity generation stood at 639.46 Thousand Gigawatthours. Over the past decade, the annual variations in electricity generation have depicted a fluctuating yet generally stable trend. From 2013 to 2023, the year-on-year change ranged from a high of 7.69% in 2021 to a decline of 3.99% in 2020. Notably, 2022 saw a slight decrease of 1.67%, followed by a modest increase of 0.29% in 2023. The five-year compound annual growth rate (CAGR) from 2018 to 2023 was 0.13%, indicating a relatively steady state.

Future trends to watch for include the anticipated steady growth with a forecasted five-year CAGR of 0.23% up to 2028. Technological advancements in renewable energy, policy changes, and market dynamics will be critical influencers in shaping Canada's electricity generation landscape. Additionally, the commitment to reducing carbon emissions and integrating more sustainable energy sources will likely impact the generation patterns.