Hydro-Québec plans to spend at least $90-billion on new power generating facilities and transmission lines over the next decade as the Canadian hydropower giant ushers in an aggressive growth plan that aims to ween the province off fossil fuels while supporting the economy.
The utility estimates it will spend between $155-billion and $185-billion to carry out its plan from now until 2035. It intends to fund part of that by tapping external financing, including issuing bonds as well as exploring other funding sources it hasn’t previously used. But the era of surplus electricity is now over and the utility now estimates it will need between 150 and 200 terawatt hours of additional power if it wants to achieve carbon neutrality by 2050. That’s double the amount of power generated today.
Significant support will be needed from First Nations leaders and other stakeholders before any hydro project moves forward, Mr. Sabia said. He said his team will forge partnerships with Indigenous communities and define scopes of any projects with them. “We’re examining all options,” he said.