Toronto Global Forum: Turning Canada’s Power Advantage into Economic Gains

David Dal Bello, Managing Director and Co-Head, PU&I, BMO Capital Markets leads a discussion about Canada's power advantage at the Toronto Global Forum.

KEY TAKEAWAYS

The development of Churchill Falls and Gull Island is the largest clean energy investment in North American history
The proposed agreements are expected to deliver more clean power while supporting jobs, industrial growth and critical minerals development.
With electricity demand rising globally, Canada has an opportunity to turn its energy advantage into economic gains.

As Canada looks to strengthen its competitiveness and attract more investment, the proposed developments at Churchill Falls and Gull Island demonstrate the scale of projects t that could strengthen the country’s long-term growth potential.

In August 2026, a new agreement was announced with Newfoundland and Labrador, Quebec and the Government of Canada to develop Churchill Falls and Gull Island along with related energy and transmission developments in Labrador, including wind.

The announcement included up to $10 billion in federal financial support and investments. The broader package of proposed generation and transmission projects is valued at nearly $70 billion and has been described by the federal government as the largest clean energy investment in North American history.

The agreement includes upgrades to the existing Churchill Falls Generating Station, development of the proposed 2,700-megawatt Gull Island hydroelectric project, new transmission infrastructure and a proposed 2,000-megawatt wind development. Together, the targeted Churchill Falls upgrades and Gull Island would add approximately 4,000 megawatts of hydroelectric capacity.

The opportunities created by this investment, and the actions Canada can take to meet rising demand for clean electricity, were the focus of a discussion at the 20th annual Toronto Global Forum, organized by the International Economic Forum of the Americas (IEFA). The session, “Canada’s Power Advantage: Energy for a New Industrial Era,” featured David Dal Bello, Managing Director and Global Co-Head of Power, Utilities and Infrastructure, BMO Capital Markets and Jennifer Williams, President and CEO of Newfoundland and Labrador Hydro.

Meeting demand

As Dal Bello said on the sidelines of the Forum, Churchill Falls is the type of project that BMO's commitment to mobilize up to $70 billion in capital for critical economic sectors over the next 10 years was designed to support.

The broader development represents one of the largest clean energy investments in North America, with Williams saying much of the investment will support upgrades and expansion at Churchill Falls and construction of the Gull Island hydroelectricity project, located on the Churchill River between Churchill Falls and Muskrat Falls. Once complete, the project will add approximately 4,000 megawatts of capacity, according to Williams. In addition to that expansion, Newfoundland and Labrador Hydro is undertaking a feasibility study to consider 2,000-megawatts of wind power.

The project will unlock many opportunities in the region, including supplying mines with power and supporting new critical mineral mines, Williams said. The expansion will also benefit Quebec, which will be a major project participant has also signed a long-term agreement to purchase power from the project.

Williams noted that before signing the agreement with Quebec, the province carefully considered its own local electricity needs before deciding what it could export.

“We will be able to unlock so much energy, and that will be great for our province, but then Quebec obviously will have significant access themselves for their own economic development,” she said. “When you have both of our provinces with all of that ability, that will have significant indirect and direct economic opportunities for the whole region.”

Williams said Newfoundland and Labrador Hydro and its partners began laying the groundwork for an impact and benefits agreement with Indigenous and local communities more than a decade ago. She added that work is underway on a procurement strategy intended to maximize regional benefits.

Canada’s power advantage

To secure Canada’s power advantage, Dal Bello asked Williams what governments, utilities, and industry can do to tap into the country’s abundant clean energy resources.

She responded that there’s no time to wait, especially given that the world is looking for clean power and that it can take time to develop these assets. “Having these assets undeveloped is not an advantage,” she said. “We have available power ready, and if that is something that the world is looking for, I’m very ready to go.”