July 11, 2024

It’s a time of transition for our electricity system, and it’s our responsibility to guide our province forward. Every utility across Canada is planning for what’s needed. Hydro too, has put great thought and analysis into how we will continue to reliably serve customers for the next decade, and beyond.

Tuesday, we filed our 2024 Resource Adequacy Plan with the Public Utilities Board Newfoundland and Labrador (PUB), which is a continuation of our planning process. The plan provides an in-depth analysis of how much electricity customers will need over the next ten years and the best resource options to satisfy those growing needs. It’s our plan to power the province.

While the 2024 Resource Plan focuses on meeting forecasted growth for the Island and maintaining reliability for Island customers, significant work is ongoing to address the incredible energy opportunities throughout Labrador.

What has changed?

Public policy is rapidly shifting the energy sector at a velocity that hasn’t been seen since the 50s and the 60s. This accelerating shift has driven industrial and commercial growth, electrification of vehicles, and a switch from oil to electric home heating.

Since the original filing in 2018, our mandate has also expanded to reflect sustainability considerations. We are now balancing cost, reliability, and the environment in our decisions. This is our legislated obligation.

We are doing things differently and considering the lessons learned from Muskrat Falls. We are listening to our customers, and working hard to not overbuild which adds unnecessary cost. We looked at the minimum investment required, which reflects the slowest decarbonization trend and, therefore, the least investment and least impact on cost. Additional investment may be required, but we are carefully analyzing our needs to ensure we make the right investments at the right time.

Quick Facts:

• The total energy use on the island was almost 8 terrawatt hours (TWh) in 2023. By 2034, it’s expected to increase by 16 per cent for the island alone.
• Based on the minimum investment required, we need at least 385 MW of additional capacity and 1.4 TWh of new energy by 2034 to address load growth and reliability needs.
• It’s imperative that Hydro continue to analyze the “Expected Case” which requires 525 MW of additional capacity and 1.8 TWh of additional energy instead of 385 MW and 1.4 TWh.
• We are advancing the three frontrunners for supply options in order to begin to meeting demand and ensure reliability for customers.