On October 31, 2018, the Canadian National Energy Board released its 2018 report on energy supply and demand projections to 2040: “Canada’s Energy Future 2018: An Energy Market Assessment.” Based on a set of assumptions about technology, energy, climate, human behaviors, and the structure of the economy, the assessment identifies five key findings as follows:

1. Canada’s energy demand growth is slowing, while the sources to meet these demands are becoming less carbon intensive;
2. With greater adoption of new energy technologies, Canadians use over 15 percent less total energy and 30 percent less fossil fuels by 2040;
3. Energy use and economic growth continue to decouple;
4. Canada’s energy mix continues to become more diverse, adding more renewables; and
5. Canadian oil and natural gas production increases, with price and technology changes influencing production in the future.

The report predicts that energy generation from renewable sources will increase in 2040 to represent 12 percent of all electricity generation. It concludes, that given the higher demand in reducing carbon emissions and the increase in biofuel blending rates, the costs of renewables will likely drop.