Alberta expects $7.88bn investment in renewable energy by 2030
Canadian province Alberta is all set to start the Renewable Electricity Program and expects to attract at least $7.88bn of investment by 2030, while creating more than 7000 jobs in the region.
As part of the program, the Alberta Electric System Operator is readying to begin the first of a series of competitions to generate green energy.
In the first round, companies are expected to bid for up to 400MW of renewable electricity, which is equivalent to power 170,000 homes.
The expression of interest stage will be launched officially on 31 March this year and the projects will be announced by the end of this year. The projects are expected to be operational by the end of 2019.
The Alberta Electric System Operator noted that the program will not be funded by consumer electricity charges and will instead be funded by private investments being supported by carbon revenues from industrial emitters.
Under the Renewable Electricity Program, the province plans to support the development of 5GW of renewable electricity capacity by 2030.
Alberta Minister of Energy Margaret McCuaig-Boyd said: “We’re excited to kick off our program to create jobs, diversify our economy and increase private-sector investment in Alberta’s electricity system. I’ve been hearing a lot of interest from industry in anticipation of this launch.
“This will be a competitive process, bringing the most renewable generation online at the lowest cost.”
Calgary Economic Development president and CEO Mary Moran said: “The renewables sector is one of the key areas of growth for Calgary as we become a green energy hub. It is an important element of our overall position as a centre of excellence in all things energy.”
Recently, the province of Alberta proclaimed the Renewable Electricity Act, through which the Renewable Electricity Program was brought into force. The program is targeted at generating 30% of the province energy from renewable sources.
The program is also aimed at ensuring that all the environmental protection programmes are in place, including wind and solar projects.
Image: Province of Alberta to announce renewable energy programme. Photo: Courtesy of start08/FreeDigitalPhotos.net.