The electricity generation in combustion turbine power plants in Canada has experienced a moderate upward trend over the past decade. From a value of 6.348 million kilowatts in 2013 through 2017, a gradual increase began, leading to 6.8691 million kilowatts in 2023. This represents a year-on-year growth of 1.12% in 2023. The Compound Annual Growth Rate (CAGR) over the last five years stands at 1.2%.
Looking ahead, the forecasted data suggests a sustained incremental growth pattern, projecting an annual value of 7.2746 million kilowatts by 2028. This reflects a forecasted 5-year CAGR of 0.88% and an overall growth rate of 4.49% over the 5-year period.
Future trends to watch for include potential technological advancements in turbine efficiency, shifts in energy policy favoring renewable sources, and fluctuations in demand due to economic conditions and climate change policies. Keeping an eye on these factors will be crucial for understanding the direction of electricity generation from combustion turbines in Canada.