OTTAWA, Ontario, Canada 2/17/12 (PennWell) -- A report released by the Canadian Electricity Association says Canadian utilities will collectively spend nearly US$350 billion on power generation and transmission projects by 2030 if it hopes to keep up with the demands of the nation's electrical network.
The study, prepared for CEA by the Conference Board of Canada, examined the growth and asset plans of utilities across Canada, including BC Hydro, Hydro-Quebec and Ontario Power Generation.
According to the report, for every $100 million invested in electrical generation, transmission and distribution infrastructure, Canada's gross domestic product would increase by $85.6 million per year and 1,200 jobs would be created.
CEA suggests that investment would peak between 2011 and 2015, when spikes in related industries could create nearly 250,000 jobs annually.
"To stimulate the economy today and maintain our prosperity tomorrow, we must move ahead with renewing Canada's electricity infrastructure," said CEA president and chief executive officer Jim Burpee. He added that the ability to fill so many labor vacancies might be a challenge.
The full report, titled "Shedding Light on the Economic Impact of Investing in Electricity Infrastructure" is available for free viewing online.