OTTAWA, ON, Nov. 5, 2026 /CNW/ -- Today's Federal Budget, Masters of our Destiny, and its implementation of the National Electricity Strategy, is a landmark commitment that recognizes electricity as the foundation of Canada's economic growth. Through investments exceeding $50 billion, the federal government has taken a significant step toward its goal of doubling Canada's electricity system by 2050 while accelerating electrification and strengthening Canada's position as an energy superpower. 

The budget delivers on that vision by supporting infrastructure needed to power a growing economy, including: 

• Positioning electricity investment as an affordability measure, with electrification helping to reduce Canadians' overall "energy wallet" 
• More than $50 billion in support of the National Electricity Strategy and the goal of doubling Canada's electricity system by 2050. Which includes: 
  • Extension of the Clean Electricity and Clean Technology Investment Tax Credit to 2040, providing long-term certainty for investors and utilities
  • Expanding the Clean Electricity Investment Tax Credit to include critical intra-provincial transmission
  • Funding of nearly $4 billion over 10 years, starting in 2027-28, to support electricity infrastructure expansion, renewable energy and priority electricity sector projects across Canada, including new funding for the Smart Renewables and Electrification Pathways Program 
• Advancing projects such as the Taltson Hydro, Mayo Hydro Facility and Atlin Hydro 
• Announcing the implementation of the EIFEL exception for utilities, including expanding the Utility exception to including holding companies

Canada's electricity sector is facing unprecedented growth in demand driven by electrification, housing development, industrial expansion, artificial intelligence, and data centres. Meeting this challenge will require a nation-building expansion of generation, transmission, and distribution infrastructure, alongside investments in supply chains, system resilience, and the skilled workforce needed to build and operate the grid. 

The budget also recognizes that building the electricity system Canada needs will require access to affordable capital and long-term investment certainty. By extending key investment supports, including the Clean Electricity Investment Tax Credit through 2040, the federal government is helping create the financing conditions necessary to advance major generation, transmission, and grid modernization projects. 

QUOTE 

"Growing and modernizing Canada's electricity system is a nation-building endeavour. This budget embraces that reality. Today's budget represents one of the most significant commitments to Canada's electricity future in a generation. 

By investing more than $50 billion through the National Electricity Strategy and providing long-term certainty through measures such as extending the Clean Electricity Investment Tax Credit to 2040, the federal government has demonstrated the bold leadership required to meet a challenge that will define Canada's economic future. It recognizes that Canada must finance the build, modernize regulatory processes, adapt to a rapidly evolving grid shaped by electrification, artificial intelligence, data centres, and industrial growth, and ensure the electricity system can support the country's broader economic ambitions. 

We commend the government for thinking at the scale this moment demands. The focus now must be delivery. Canada must move with urgency to turn financing into projects, approvals into construction, and ambition into infrastructure. Success will ultimately be measured not by what was announced today, but by the generation, transmission, and distribution assets we build together over the coming decades." 

• Josée Guibord, President and CEO, Electricity Canada

About Electricity Canada:

Electricity Canada is the national voice for electricity in Canada. Our members generate, transmit, and distribute power to homes and businesses across Canada. We represent integrated electric utilities, independent power producers, transmission and distribution companies, power marketers, and system operators. Our members deliver electricity to all Canadians, in every province and territory.

SOURCE Electricity Canada