Market Snapshot: Annual Trade Summary – Electricity

Release date: 2025-06-25

Canadian electricity exports totalled 35.64 Terawatt hours (TWh) in 2024, a decrease of 28% from 2023 and the lowest recorded export total since 2004. The decline can be attributed to several factors, including continued years of drought conditions that impacted hydroelectric production in some regions, growing electricity demand within Canada, and increased electricity production within the U.S. Ontario, Quebec, British Columbia and Manitoba remain the largest exporters of electricity.

Figure 1: Canada’s Electricity Trade by Month or Year

All of Canada’s electricity exports are to the U.S., with prices differing by region. The average price of electricity exported from Canada was $81.42 CAD per MWh in 2024, a decrease from an average of $84.38 CAD per MWh in 2023. In 2024, Canadian exports to the U.S. West averaged $125.40 CAD per MWh, and exports to the U.S. East region averaged $58.87 CAD per MWh. Although the U.S. East has historically had higher electricity prices, rates in the U.S. West have risen sharply over the past three years. This increase is driven by record summer demand from extreme heat, growing loads from data centers, AI, and crypto mining, and reduced hydropower generation caused by persistent drought in Western states. The total value of electricity exports was $3.13 billion CAD in 2024, a decrease of 30% from the previous year.

Since 2020, electricity imports from the U.S. have continued to increase year-over-year. Canadian electricity imports totalled 23.21 TWh in 2024, an 8% jump from 2023. As previously reported, a decrease in precipitation in hydroelectric-dominated provinces is a key factor behind this increase. Drought in provinces such as Quebec, Manitoba, and British Columbia—where electricity generation is dominated by hydropower—have experienced notable rises in electricity imports since 2021, a pattern that continued through 2024.

The average price of electricity imported from the U.S. was $56.38 CAD per MWh in 2024, down from an average of $88.55 CAD per MWh in 2023. Electricity prices at major trading hubs in the U.S. were lower than those in 2023 due to low natural gas prices and increased generation for some lower cost renewable energy sources. The total value of electricity imports was $1.34 billion CAD in 2024, a decrease of approximately 35% from the previous year.

While Canada continues to export more electricity than it imports, net exports have declined notably in recent years. In 2024, net exports totaled 12.43 TWh, down from 27.76 TWh in 2023, and the lowest level since 2004 . The net value of exports in 2024 was $1.79 billion CAD, also a decline from $2.37 billion CAD in 2023. These narrowing margins reflect a combination of reduced export volumes and rising imports, largely driven by shifting market dynamics and constrained resource availability—particularly in hydro-dependent provinces affected by drought. These changes underscore the evolving nature of cross-border electricity trade and highlight the growing importance of both domestic supply resilience and well-integrated electricity markets across borders.

For more information on the electricity trade in Canada, please visit: CER – Electricity Trade Summary, and CER – Market Snapshot: Electricity trade trends affected by recent low precipitation.

For more information on the Canadian electricity infrastructure, please visit: CER – Market Snapshot: Electricity Trade – who regulates what in Canada?

Date modified:

2025-06-24