Time running out for Atlantic Canada to seize $100B in energy spinoffs: report

A consultancy firm is calling on Maritime provinces to take control of energy development.

A new report from Deloitte Canada says time is running out for Atlantic Canada to fully take advantage of $100 billion in economic growth from offshore wind, hydro and nuclear energy.

“It’s a once in a generation economic opportunity and really, the window to grab it is closing,” says Matt Campbell, the energy transformation lead for Deloitte in Atlantic Canada.

The report says governments and private industry need to act with coordinated policies, investment and strong Indigenous partnerships to collectively get the most economically out of all these developments.

The report cites $100 billion in economic growth from developing Nova Scotia’s offshore wind and transmission lines, Newfoundland and Labrador’s expansion of hydro and New Brunswick’s commitment to develop small modular reactors at the Point Lepreau Nuclear Generating Station.

Campbell says the region has seen momentum in recent months across these different energy sectors, but there’s room for improvement with more regional cooperation.

“When you’re thinking about developing offshore wind industries… what does that mean for industries that can use that electricity? What does that mean for the clean fuel sector? What does that mean in terms of transmission, getting those electrons to market through New Brunswick, Quebec, New England?

“How do we make nuclear work with wind, and work with hydro and get the best of all assets?”

The report is calling for the region to move from “fragmented efforts” to integrated regional planning, streamlining permitting, and long-term financing models for energy projects.

Campbell says whether it’s from Atlantic Canada or not, the energy will have to come from someplace with the country’s electrical needs set to double by 2050.