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Good morning! ⚛️ It takes a lot of power to deliver your Christmas presents. To keep things running, Amazon is investing in nuclear energy, particularly Small Modular Reactors (SMRs), as part of its strategy to meet growing energy demands and achieve its net-zero carbon goal by 2040.

⏰ Today’s read: 4 ½ minutes

MARKETS

Economy: Last week the Bank of Canada cut its benchmark interest rate by 50 basis points to 3.75%, marking the fourth consecutive cut since June, as inflation has slowed to 1.6% and price pressures have eased. Governor Tiff Macklem announced that Canada has achieved its inflation target, with core inflation dropping below 2.5%, signaling the success of the country's monetary policy. Macklem emphasized the importance of maintaining inflation near the 2% target to ensure stable living costs for Canadians.

THE BIG STORY

Greener pastures: Energy developers leave Alberta

The sun is shining and the wind is blowing in the prairies, but recent government policy has sent renewable energy developers for the hills. 

Eight months after the province lifted its moratorium on creating new large wind and solar projects, investment has stagnated. If that wasn’t enough, Alberta plans to impose additional restrictions on renewables, including banning development on irrigated land. 

Why it’s happening: Premier Danielle Smith claims it’s all about taking an “agricultural first” approach and protecting “pristine viewscapes”. The moratorium was said to be a request from Alberta Electric System Operator, but internal documents showed this was a farce.  

Winds of change: Last year, there were about 1,000 megawatts of new wind farm projects announced in Alberta, compared to just 50 megawatts this year. Researchers found that 53 wind and solar projects were abandoned following the moratorium. Another 42 projects have delayed their in-service date by an average of 15 months.

Outside Alberta: Hydro-Québec announced that it will begin constructing and operating wind farms, Ontario is proposing an integrated energy plan and is embarking on the largest electricity procurement process in its history, Atlantic Canada is pushing legislation to advance offshore wind projects, SaskPower has said it plans to add up to 3,000 megawatts of wind and solar to its grid by 2035, BC Hydro is launching massive search for new clean energy and the list goes on. 

What happens next: Alberta appears to be at a crossroads. Developers clearly have opportunities elsewhere. Under current policies, clean energy GDP is projected to increase from $68 billion in 2020 to $95 billion in 2030. If Smith doesn’t change direction, she could miss out. 

Here’s what Vittoria Bellissimo, president and CEO of the Canadian Renewable Energy Association had to say: "I think Alberta is losing its edge, and I think other jurisdictions will start to look much more attractive in the future."

NEED TO KNOW

The week's headlines

📈 Index launch: Statistics Canada launched its first Residential Renovation Price Index (RRPI), tracking cost changes in residential renovations across Canada. Data from Q2 2024 reveals a 0.7% national rise in renovation prices, with British Columbia experiencing the largest increase at 1.4%. The index notes significant cost pressures in Western Canada and identifies heating, air conditioning, and exterior improvements as areas of highest price growth

⚡ Powering up: The Ontario government is proposing its first-ever integrated energy plan, coordinating various energy sources like electricity, natural gas, and other fuels to ensure affordability and support its pro-growth agenda. The Affordable Energy Act will emphasize nuclear energy as a key zero-emission source to meet rising energy demands, along with expanding other energy resources like wind, solar, and bioenergy.

🏠 Not a convert: The Ford government has voted down Bill 201 which aimed to expedite converting vacant commercial spaces into residential housing by removing regulatory barriers, potentially saving up to two years in the conversion process. Proponents emphasized the urgent need for housing and high commercial vacancy rates, arguing that the bill addressed a key obstacle identified by city planners.

🏆 Major wins: Aecon-led consortiums have been awarded three civil construction contracts for projects in B.C. Aecon’s interest in two of the crontacts is valued at $119 million and will be added to its construction segment backlog in the third quarter of 2024, with the third contract commencing under a development phase agreement.

⛪ Immaculate construction: Vancouver City Hall is considering a plan to make it easier for faith groups to develop affordable housing on their tax-free properties. A motion from Councillor Rebecca Bligh aims to streamline the process for these religious organizations, which often face challenges with redevelopment due to bureaucratic complexities and limited expertise within their congregations.

PROJECT SPOTLIGHT

Take a bow

Fredericton is set to open a new Performing Arts Centre in 2026, replacing the aging Playhouse Theatre and aiming to become a transformative cultural hub. Designed by Toronto-based Diamond Schmitt and Fredericton-based EXP Engineering, the centre will reflect the city’s architectural charm and natural beauty, incorporating local elements such as red brick and glass windows inspired by the nearby Saint John River.

PROJECT UPDATES

17-building development proposed in Vaughan

Cambridge beings building $93M recreation complex

Ontario Science Centre moving to temporary locations

Radium Hot Springs Aquacourt improvements complete

Gleichen Solar project in construction phase

WHAT WE’RE TALKING ABOUT

PHOTOS: 🏋️ 50 tonnes of hardened grease removed from B.C. sewer system 

LIST: 9 geothermal projects heating up Canada

READ: 🏗️ Three myths about modular construction

READ: 🏠 Halifax opens tiny home village to address homelessness 

WATCH: 🖱️What happens when infrastructure gets hacked? 

READ: 🥶 How to build in Canada’s Arctic

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Here’s to a great rest of the week!

Disclaimer: SiteNews is an independently-operated news website. Views expressed are that of the editorial team and are based on publicly available information unless otherwise noted through sponsored content.