Leach’s Occasional Energy Charts
April 13, 2023
Featured Stories
Alberta’s Electricity Cap Conundrum
Yousaff Habib
As the temporary cap on the regulated rate option (RRO) for electricity in Alberta reaches its end on April 1, residents are left questioning the government’s intentions, with some calling the cap a “trap.” Initially introduced to help struggling Albertans, the cap comes with a catch: customers must pay back the cumulative costs of energy usage beyond the 13.5 cents per kilowatt-hour limit through rates.
The University of Calgary’s School of Public Policy found that around $200 million will have to be repaid by those remaining on the RRO. However, this will not apply to Albertans who switch to a fixed rate to avoid repayment, raising concerns about the potential financial burden on remaining RRO customers. As more people leave the RRO, the cost for those who stay behind could double.
Further complicating matters, not all Albertans can switch from the RRO due to credit or security deposit requirements, leaving the most vulnerable residents to face the financial consequences. Experts recommend that the government should consider covering the deferred costs to mitigate the issue and ensure a more equitable outcome for all affected Albertans. Read more here.
Renewable Energy in Canada’s New Budget
Marc Vermette
Nearly 15% of new spending in Canada’s 2023 budget is expected to go towards renewable energy in Canada.
This new spending includes a 15% tax credit for investments made regarding renewable energy infrastructure (wind, solar plants, nuclear reactors, batteries, etc.)
While this tax credit begins a year from now, it will be available for 10 years, costing ~$25.7 billion by 2035, when it comes to an end.
On top of this tax credit, an additional $3 billion program will be added within the next 12 years that provides grants to companies and governments looking to modernize existing power grids.
While this might seem like a drop in the (solar powered?) bucket compared to the expected $1.7 trillion Canada estimates it needs to reach net zero by 2050, renewable energy is becoming cheaper and more accessible by the day.
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