Quebec must accelerate its energy transition: economic barometer

Hydro Quebec employees work on the construction site of a new substation in Montreal, Tuesday, Dec. 12, 2023. (Christinne Muschi, The Canadian Press)

Quebec must improve its energy efficiency and focus on better resource utilization in order to “ensure its future economic viability”, according to the 2024 edition of Prospera, an economic barometer designed by BCF Avocats d'affaires and Quadrat Conseils.

The document prepared by BCF Avocats d'affaires and Quadrat Conseils points out that, in 2019, Quebec was the province that generated the most electricity, 94 per cent of which came from hydroelectric plants.

This capacity should be “sufficient to meet energy demand in the short term”.

However, “energy inefficiency remains a major challenge in Quebec”.

Thus, the barometer indicates that by 2021, “nearly half of all energy was wasted and brought no value to the economy”.

Essentially, three industries are responsible for these losses: transportation (34 per cent), industry (23 per cent) and buildings (15 per cent).

Quebec ahead of Ontario

The Prospera economic barometer was presented Monday morning at a downtown Montreal hotel, in the presence of Economy, Innovation and Energy Minister Pierre Fitzgibbon.

The index was set at 100 in the early 1980s for Quebec, Ontario and Canada and is comprised of 28 indicators.

The barometer shows that Quebec's overall economy is at the top of the ranking for 2022, with an index of 132.3, ahead of Canada (129.1) and Ontario (125.4).

“Once again this year, Quebec stands out and dominates the economic rankings. It demonstrates its continued economic performance, thanks in large part to three main factors: investment, growth and human capital,” said Alain Robichaud, founding president of Quadrat Conseils and designer of the barometer.

This report by The Canadian Press was first published in French on June 3, 2024.