Power market headed for shakeup as Alberta commits to restructuring by 2027 [Video]

Alberta’s electricity market is headed for a major shakeup, but some industry players fear a lengthy period of uncertainty could scare away badly needed investment in power generation.

Power companies have been awaiting more details since shortly after last year’s provincial election, when the UCP government’s newly appointed Utilities Minister Nathan Neudorf was mandated to develop a plan for Alberta’s electricity grid and address soaring consumer energy bills.

On Monday, companies received more details. At a power industry conference in Banff, Alberta Electric System Operator chief executive Mike Law said his organization has been tasked by the provincial government with drafting the design for a restructured energy market by fall 2024.

He said the aim is to have new electricity market rules in effect in Alberta by 2027.

“It is apparent that the status quo is not sustainable, and we need to act now to restructure our energy market so it can meet our …