The promise of new and innovative technologies such as artificial intelligence will require significant growth in electricity generation capacity. That could mean opportunities to deepen the ties between the U.S. and Canada regarding energy.  

Data centers are expected to consume as much as 12% of all U.S. electricity use by 2028, according to the U.S. Department of Energy. Already, roughly 60% of U.S. crude oil imports, nearly all imported natural gas and 85% of imported electricity come from Canada, yet that only accounts for about 5% to 10% the country’s total consumption.  

Amid this growing need for energy, the “Powering the Future Pathways to a Resilient North American Energy Landscape” panel at the third annual US-Canada Summit, hosted by BMO and Eurasia Group, explored opportunities in Canada and the U.S.  

The panel featured: 

• 

  Eric Chassard, President and CEO, Bruce Power 

• 

  Bruce Heyman, CEO, Power Sustainable 

• 

  John Risley, Chairman, Arctic Economic Development Corp. 

• 

  Rich Voorberg, Former President, Siemens Energy North America 

• 

  Luiza Savage, Editorial Director of Washington Post Intelligence (moderator)  

Much of the discussion focused on electricity, an abundant resource that Arctic Economic Development Corp’s John Risley described as still “untapped” in many Canadian regions.  

For instance, leveraging the powerful winds that come from onshore Newfoundland and offshore Nova Scotia is critical. Combined, the two could generate between 50 and 75 gigawatts of power, far more than the 5 gigawatts Atlantic Canada currently runs on, he says. 

“We’re talking about an enormous amount of electricity, and we’ve got a market in the United States that’s hungry for it,” said Risley. “We should be all-in on building stronger energy corridors.”  

Bruce Heyman of Power Sustainable noted that renewable sources are becoming increasingly efficient. For example, solar is easier than traditional power sources to bring onstream, often becoming operational within 12 to 24 months compared with some four years for gas.   

Power Corp. and Power Sustainable have made significant investments in “wind, solar, and battery,” he said, and improvements in technology – particularly solar – have helped make them more competitive.  

Nuclear power is another important part of North America’s energy infrastructure. It now provides one-third of Ontario’s electricity, Bruce Power’s Eric Chassard said, and the company’s reactor capacity is growing as part of an ongoing upgrade project financed through a public-private partnership (P3) with the provincial government.  

When completed in 2030, each Bruce Power reactor will have an additional capacity of 80 megawatts. “Once we have that done, we will have the equivalent of another large nuclear reactor on site for free,” he said. “That’s the cheapest clean electricity you can get.” 

The “AI energy crunch” will test existing infrastructure and create new opportunities for energy producers and investors, said the Washington Post’s Luiza Savage. Anthropic, the California-based AI startup, estimates the U.S. will need a capacity of at least 50 gigawatts by 2028 if it wants to maintain a global leadership position in the AI sector. 

But Rich Voorberg of Siemens Energy North America said it’s still too soon to make accurate growth predictions. “Where we’ve got to be as an industry is flexible,” he said.  

Growing demand will put pressure on already-strained physical infrastructure, which means the North American energy grid will need to be expanded and upgraded to handle a greater load. 

“Everyone likes to talk about energy generation,” said Voorberg, “no one wants to talk about transmission.” Currently, about 80% of the transformers installed in the U.S. come from overseas, so as transmission ramps up, transformers will be in huge demand.  

But once transformers are secured and connected to the grid, another question will emerge, he said. “Is a grid going to be able to handle all this? As we start connecting, do we start causing brownouts and blackouts in various places?” 

To capitalize on emerging opportunities, the energy sector needs to act quickly. So too does the Canadian government. Chassard pointed to the recent establishment of a significant project office by the federal government as a positive sign of support for large-scale energy initiatives. “I’m very hopeful with what I’m seeing.”  

Today’s highly dynamic energy landscape represents a unique opportunity, Heyman said.