After more than doubling in 2006 to 1468 MW, wind power investment is forecasted at some $18 billion (US$15.3bn) between 2007 and 2015. Annual development over the coming decade set to average 1,400 MW, according to EER's study, Canada Wind Power Markets and Strategies 2007-2015.
"In the past two years the Canadian wind power market has evolved from relative obscurity - an occasional diversion for wind turbine vendors struggling for market share in the USA - to become one of the world's largest and fastest growing wind power markets," says EER senior analyst Joshua Magee.
Driven largely by provincial utility RFPs, Canada added 784 MW in new installed wind power capacity in 2006, more than double the country's cumulative installed capacity of 684 MW through the end of 2005. Canada will contribute at least a quarter of North America's yearly growth through 2015, and 5 per cent of total annual global growth.
Quebec and Ontario will account for approximately 60 per cent of the total market through the forecast period, with strong growth in British Columbia expected in later years, according to EER's study.
"Long-term goals for greater use of renewable energy, across nearly all of Canada's provinces, has provided the necessary transparency for investment, with strong market fundamentals based on Canada's growing concern about its greenhouse gas emissions and energy security policy."