Growth in electricity demand remains strong

Hydro-Québec today filed a 2024 progress report on its Electricity Supply Plan with the Régie de l’énergie. This annual report provides an updated electricity demand forecast for the Québec market. This year’s report anticipates demand growth consistent with the forecasts presented in the company’s Action Plan 2035.

Like last year, the anticipated growth in electricity sales in all consumption sectors is largely due to initiatives aimed at decarbonizing the Québec economy. Excluding the impact of the additional energy efficiency efforts it plans to deploy, Hydro-Québec is forecasting demand growth of about 60 TWh between 2022 and 2035. Sales are therefore expected to total more than 230 TWh in 2035, while peak power demand in the winter should exceed 48,000 MW.

Growing needs driven by the energy transition

In November 2023, Hydro-Québec launched its Action Plan 2035, which forecast an increase in electricity demand ranging from 8,000 to 9,000 MW by 2035. In the 2024 progress report, the company still expects that the demand for clean energy will increase by 150 to 200 TWh compared to today if Québec continues to move towards carbon neutrality by 2050 and economic prosperity. Electricity consumption in Québec is thus expected to double by 2050, requiring some 25,000 to 35,000 MW of additional capacity.