The Alberta Energy Regulator’s annual outlook report forecasts significant growth in almost all forms of energy produced in the province. The increase will be driven by traditional oil and gas production, as well as emerging, non-traditional sources. It is expected that the volume of energy production will increase by 18% over the next decade. In the near term, the value of Alberta energy produced in 2022 is expected to be 52% higher than in 2021. The increase is due to an increase in production – especially oil and gas – combined with higher prices.
Emerging energy sources, such as geothermal and hydrogen, are expected to achieve impressive growth over the period. However, that growth will be measured against a smaller initial capacity. Only coal production is in retreat, as it is replaced by cleaner alternatives.