Budget 2026 advances national electricity strategy, a downpayment on unlocking $3 trillion in economic growth

Proposed tax credit extensions and support for industrial electrification and EV charging can help build more clean power and put it to work

OTTAWA, ON, Nov. 5, 2026 /CNW/ -- New Economy Canada strongly supports the finalization and funding of Powering Canada Strong in Budget 2026 with a $50 billion commitment, marking an important step toward doubling Canada's electricity supply by 2050. Budget 2026 puts electrification at the heart of Canada's economy, ensuring energy security and affordability for businesses and households.  

Ian Bruce, President of New Economy Canada said:

"Today we are celebrating a critical win for Canada. By finalizing and funding Powering Canada Strong, the federal government has made electricity an economic priority.  Budget 2026's $50B commitment to doubling the grid, including strengthening and extending the clean economy investment tax credits, is a significant step.

Budget 2026 puts an electrified economy at the heart of Canada's economic strategy. We are glad to see the federal government recognize that building more clean electricity, electrifying more of our economy, and improving energy efficiency are some of the most effective ways to build a competitive, strong economy and ensure energy security for businesses and households alike.

Our economic report shows the opportunity on the table. Doubling electricity supply and doubling the share of energy that homes, businesses and industry meet with electricity could add more than $3 trillion cumulatively to Canada's economy by 2050. Getting there will take sustained investment and a workforce that can build projects at the pace and scale we need."

Why this matters:

• Affordable, clean electricity can help Canada win investment, strengthen competitiveness, modernize manufacturing and create jobs. As Canada looks for new investors and trading partners in an electrifying global economy, its abundant, affordable and clean electricity is a competitive advantage.
• Doubling Canada's electricity supply and putting it to work could unlock $3 trillion of economic opportunity for Canada and 1.6 million jobs.
• The budget's extension of investment tax credits will support much-needed investment in generating and transmitting more electricity. And support for industrial electrification and EV charging will help businesses and households make greater use of that power.
• Every province stands to benefit, with cross-sectoral growth. Growth associated with an electrified economy spans all provinces and beyond electricity generation to services, mining, construction and more. 

New Economy Canada is a non-partisan initiative uniting 70+ companies, labour unions and Indigenous organizations, all committed to accelerating investment in Canada's clean economy. Our partners employ or represent over 750,000 workers. https://neweconomycanada.ca 

SOURCE New Economy Canada

For media inquiries: Rebecca Spring, Senior Director of Communications, New Economy Canada, [email protected]