Alberta saw record energy spending and significant growth in oil and gas reserves in 2024, according to the Alberta Energy Regulator’s 2025 Alberta Energy Outlook report released Wednesday.The report highlights a $30.9 billion surge in energy spending — marking a nine-year high — as the province continues to lead Canada’s energy output, producing 60% of the country’s natural gas and 84% of its total oil equivalent. Bitumen remains the largest contributor, accounting for two-thirds of national oil-equivalent production and driving projected supply growth through 2034.Alberta is also making gains in emerging energy sectors. .Hydrogen production is forecast to grow from 2.6 million tonnes per year in 2024 to 4.4 million tonnes by 2034, an average annual increase of 6%.Helium output is expected to grow fivefold, and geothermal production is also projected to increase. While Alberta currently has no commercial lithium output, production is forecast to reach 14,800 tonnes per year within a decade.The report also notes that Canada has more than doubled its natural gas reserves, boosting its global ranking from 15th to 9th..However, the impact of these new reserves on production will be analyzed further in next year’s report, pending completion of a reserves evaluation by McDaniel and Associates.Principal economist Afshin Honarvar said the report offers critical insights into Alberta’s evolving energy landscape and supports future planning.
