Alberta policies have dampened investor confidence in renewables: report
A report from clean energy think tank Pembina Institute suggests investor confidence in Alberta's renewables sector has been dampened by provincial policy moves.
Authors of the report released Wednesday looked at the provincial electrical system operator's queue of projects waiting to connect to the grid between 2021 and 2024.
That data gave them a sense of investor interest in Alberta renewables before and after the province imposed a surprise seven-month moratorium on new wind and solar projects in 2023.
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With the threat of U.S. tariffs continuing to loom, Alberta should be actively seeking out every investment dollar it can, said Scott MacDougall, director of the Pembina Institute's electricity program.
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'There is strong evidence that Alberta has weakened renewable energy investments through its actions to date,' he said in a news release.
'The good news is the growth in low-cost renewable electricity is continuing elsewhere in Canada and the world, so those dollars are still there for the taking, if the Government of Alberta works to restore market confidence quickly.'
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The Pembina Institute says the Alberta government has work to do to restore investors confidence in renewable energy in the province. File Photo
Pembina recommends Alberta create regulations that support a vision for a 'clean, resilient and affordable' electrical system and fast-track developments in areas where utility-scale renewable projects would be particularly well suited.
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It is also calling for ways to boost the system's independence and resilience by enabling electricity exports and imports with neighbouring grids, energy storage and other measures.
The renewables moratorium is over, but the institute said continuing sources of uncertainty include a broad restructuring of the electricity market, Alberta's legal challenge to federal clean electricity regulations, barring wind developments near 'pristine viewscapes' and new reclamation requirements.
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'No other industry sectors have been subjected to such onerous rules,' Pembina said in the report.
Based on data from the Alberta Electric System Operator, the think tank said the number of proposed new projects in the queue last year were on par with two years earlier, before the moratorium.
But more projects were cancelled than proposed last year — 9.5 gigawatts versus 8.3 GW.
Meanwhile, other jurisdictions like Australia and Texas are seeing their numbers of new projects climb, as other provinces chase renewables growth.
'Restoring investor confidence in the renewables sector has to be a priority item for this government, to ensure Albertans aren't left out while Canadians in other provinces experience the benefits of low-cost, abundant, reliable energy to power their lives for years to come.'
The new project queue surged to 20 GW in 2023, in part due to a change that saw project proposals assessed in batches instead of individually, as well as developers rushing to get up and running ahead of the moratorium kicking in.
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A spokesman for Alberta Energy Minister Brian Jean said the province continues to lead Canada in renewable investment.
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'Our government has set a clear, responsible path forward for a balanced approach on renewable energy development, ensuring our grid is reliable, affordable and sustainable for generations to come,' Josh Aldrich said in an email.
'Over the past year, we have driven down the cost of electricity in Alberta, improved grid stability with (three GW) of baseload power generation from natural gas and have passed legislation that will restructure the market, providing long-term stability for industry and Albertans.'
The Alberta Utilities Commission has approved 44 new generation projects in the past year totalling 3.6 GW, and 2.8 GW of that is from renewables, surpassing the previous two years.
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