Government of Canada Announces $19 Million to Support Electricity Modernization in P.E.I.

January 9, 2024

Communities across Canada are prioritizing cleaner, more reliable energy sources in the global race to fight climate change and seize the economic opportunities of a low-carbon future. The Government of Canada is working to deploy smart renewable energy projects and enable grid modernization technologies to support Canada’s clean energy transition, keep our air cleaner and build resilient, healthy communities for everyone to call home, all while creating good-paying, sustainable jobs.

The federal government has announced up to $19 million for Maritime Electric Company’s Sustainable Electrification initiative. The project will reduce greenhouse gas (GHG) emissions and provide for the efficient use of renewable energy sources located on Prince Edward Island. 

The Maritime Electric Company’s $47.6-million project will help create a more efficient and resilient electricity grid system for P.E.I. by replacing current meters with an advanced metering infrastructure system. This will allow potential outages on the Island to be detected faster so that power is restored more efficiently, and it will produce better usage data to make electricity bills more predictable. 

The project is expected to create over 100 new jobs, reduce greenhouse gas emissions by 80 tonnes annually and contribute to the Government of Canada’s goal of developing a net-zero electricity system by 2035. 

Federal funding for this project is provided by Canada’s through the Smart Renewables and Electrification Pathways Program (SREPs). Budget 2023 committed nearly $3 billion in additional funds to this program, along with an estimated $26 billion for the Clean Electricity Investment Tax Credit. This program is actively supporting Canada’s development of a net-zero economy by 2050 and Canada’s commitment to meeting Clean Electricity Regulations objectives.  

Quick facts

  • Budget 2023 included $3 billion for Natural Resources Canada over 13 years, including to recapitalize the Smart Renewables and Electrification Pathways Program to support critical regional priorities and Indigenous-led projects. It also includes $40 billion of historic investments in the grid.  The Smart Renewables and Electrification Pathways Program (SREPs) provides up to $1.56 billion over eight years for smart renewable energy and electrical grid modernization projects. 
  • SREPs will significantly reduce greenhouse gas emissions by encouraging the replacement of fossil-fuel generated electricity with renewables that can provide essential grid services while supporting Canada’s equitable transition to an electrified economy.
  • AMI contributes to smart grids, which modernize the safe and secure delivery of electricity, provide foundations for new market structures and a higher quality of service for customers. Smart grids are a key enabler for GHG mitigation as they increase the hosting capacity of renewable generation, leverage more from the electricity infrastructure we have and increase resiliency.

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