Source: Government of Canada regional news (2)
Electricity is a growing part of nearly every aspect of Albertans’ lives — warming their homes, lighting workplaces, and keeping them connected to the people who matter most. That’s why Alberta’s government is focused on making sure families, communities and businesses have power they can rely on through market reforms to improve the affordability, reliability and sustainability of the power grid, now and for generations to come.
The 2024 Annual Market Statistics report by the Alberta Electric System Operator (AESO) shows that these efforts are paying off. Rapid generation capacity growth strengthened the grid and reduced the likelihood of future grid alerts while allowing the province to meet record-setting demand. At the same time, wholesale prices were cut in half and export opportunities with neighbouring jurisdictions were opened.
“Electricity powers more than homes — it supports the livelihood and well-being of Albertans and their families. Our government is committed to ensuring Albertans have access to reliable power when and where they need it, and at a price they can afford.”
In 2024, more than 3,000 megawatts (MW) were added to the grid, growing Alberta’s total installed generation capacity by more than 11 per cent — from 20,777 MW to 23,122 MW. This growth saw average electricity pool prices drop by 53 per cent, from $133.63/MWh to $62.78/MWh, and natural gas prices drop by 49 per cent from $2.55/gigajoule to $1.30/gigajoule. For the first time since 2016, Alberta became a net exporter of electricity.
“Last year saw an incredible amount of new generation come online and the results speak for themselves: our grid is stronger, and electricity prices are at their lowest in years.”
The AESO’s report underscores the importance of balancing reliability with affordability, reaffirming why Alberta’s government is modernizing the electricity system. While work on long-term power market reforms continues, government has already taken action to protect ratepayers, including changes to prevent power price spikes, stabilize local access fees, protect Albertans from high heating costs and empower Albertans to explore their electricity options to find the best rate for them.
Related information
- AESO 2024 Annual Market Statistics
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