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National Energy Board releases supply and demand projections to 2040

TORONTO, Ont.–National Energy Board (NEB) has released Canada’s Energy Future 2016: Energy Supply and Demand Projections to 2040. The report is the only publicly available Canadian long-term energy outlook that includes all energy commodities in all provinces and territories, said a release.

Canada’s Energy Future 2016 outlines various projections for higher and lower energy prices, and alternate market access and energy infrastructure assumptions. It also explores the long-term implications of these.

“Canada’s energy future will not be determined by a single force, but rather, the interaction of many. We need inclusive discussions about energy, the environment, infrastructure and market access. These need to be real conversations between industry, ENGOS, governments, Indigenous Peoples and other Canadians. And they need to be fed by unbiased, reliable, and accessible long-term energy analysis to support common points of understanding,” said Peter Watson, Chair and CEO, National Energy Board.

A reference case in Highlights of Canada’s Energy Future 2016: Energy Supply and Demand Projections to 2040 sees the following conditions:

  • Total end-use energy demand increases by an average of 0.7 percent per year to 2040.
  • Crude oil price of US$80 per barrel by 2020 and US$105 per barrel in 2040.
  • Without development of additional pipeline infrastructure, crude oil production grows less quickly, but continues to grow at a moderate pace to 2040.
  • Future electricity capacity additions are dominated by renewables and natural gas.
  • The majority of Greenhouse Gases emitted in Canada are related to fossil fuel consumption.

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