Alberta added more than 3,000 megawatts of new electricity generation to the provincial grid in 2024, coinciding with a 53 per cent drop in wholesale electricity prices and the province’s first year as a net power exporter since 2016, according to new data from the Alberta Electric System Operator.
The AESO’s 2024 Annual Market Statistics report shows total installed generation capacity rose 11.3 per cent to 23,122 megawatts, up from 20,777 MW the year before. The increase includes 1,876 MW of new gas-fired generation and 1,369 MW of wind and solar. The province’s final coal-fired generator was converted to natural gas in June.
The AESO reported the average pool price dropped to $62.78 per megawatt-hour in 2024, down from $133.63 the year before. Natural gas prices fell 49 per cent to $1.30 per gigajoule.
Average internal load rose 2.6 per cent to 10,112 MW. Seasonal peak records were set in both winter and summer, reaching 12,384 MW on Jan. 11 and 12,221 MW on July 22.
The AESO reported Alberta became a net electricity exporter in 2024. Average exports reached 343 MW, while imports averaged 132 MW. The report attributes the shift to increased generation within Alberta and reduced hydroelectric availability in neighbouring jurisdictions.
“Last year saw an incredible amount of new generation come online and the results speak for themselves: our grid is stronger, and electricity prices are at their lowest in years,” said Chantelle de Jonge, parliamentary secretary for Affordability and Utilities, in a statement released by the province.
Affordability and Utilities Minister Nathan Neudorf said the government is committed to ensuring “Albertans have access to reliable power when and where they need it, and at a price they can afford.”
According to the AESO, gas-fired generation accounted for 74.7 per cent of electricity production in 2024. Wind, solar and hydro made up 19 per cent, up from 16.5 per cent in 2023. Installed wind capacity reached 5,688 MW and solar capacity rose to 1,812 MW.
To manage the variability of wind and solar, the AESO increased its procurement of regulating reserves. On-peak reserve volumes rose from 170 MW to 210 MW in late 2023. Total operating reserve costs fell 28 per cent to $271 million, while standby activation volumes declined 60 per cent. Standby reserve costs dropped to $16 million.
The AESO reported increases in several reliability metrics. The average hourly supply cushion rose 14 per cent to 1,794 MW. The number of hours with supply surplus increased from 27 in 2023 to 289 in 2024. The reserve margin rose to 32 per cent.
Eight grid alerts were issued in 2024. One alert on Jan. 13 triggered Alberta’s first provincewide Emergency Alert broadcast for electricity conservation. On April 5, the AESO initiated a 27-minute load shed event affecting up to 250 MW—the first such event since 2013.
Interim market mitigation rules were introduced in July 2024, including a supply cushion directive requiring some generators to come online under low-margin conditions and a secondary offer cap applied during periods of high market returns.
The report states that $7.6 billion in energy was transacted in Alberta’s wholesale electricity market in 2024, involving 384 market participants.
Sign up to get the latest local news headlines delivered directly to your inbox every afternoon.
Send your news tips, story ideas, pictures, and videos to news@discoverairdrie.com. You can also message and follow us on Twitter: @AIR1061FM.
DiscoverAirdrie encourages you to get your news directly from your trusted source by bookmarking this page and downloading the DiscoverAirdrie app.