Small Businesses, Big Impact: Why SMEs are Key to Canada's Ambitions for Reliable, Affordable and Clean Electricity (BDC Capital)

Summary

• Achieving Canada's clean electricity goals will require $1.4 trillion by 2050, or about $55 billion annually.p.3
• Buildings account for 13% of the country's greenhouse emissions, and the $55 billion per year is roughly double the current rate of annual capital expenditure.p.4
• BDC held eight pan-Canadian round tables with 300 participants and over 30 bilateral meetings.p.6
• Nearly 28,000 new employees will be needed nationwide by 2028 in the electricity sector.p.7
• 85% of Canada's electricity comes from renewable and non-emitting sources, and data centre projects under review could account for 14% of total power needs by 2030.p.8
• Demand for electricity across the country is set to double over the next 25 years.p.10
• 97% of SMEs using AI reported tangible benefits for their business.p.15

Key insights

1. BC Hydro has unveiled a plan to upgrade its power system with a spending plan of $36 billion over 10 years.p.11
2. Hydro-Québec has announced an action plan of $155 to $185 billion through 2035.p.11
3. Ontario's provincial government indicated that an investment of $400 billion is needed to support the electricity grid.p.11
4. Alberta's system operator has pegged the cost of its transition between $44.1 and $57.1 billion.p.11
5. Hydro-Québec is spending $50 billion on building retrofits.p.9
6. Data centre projects under regulatory review would result in $100 billion in capital expenditures.p.8
7. SMEs face challenges including lack of information, strategic advice, labour shortages and the need for technology adoption.p.3