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Graph of the Week: Canada Becomes Temporary Net Electricity Importer Amid Shifting Energy Dynamics

In 2023, the long-standing pattern of Canada exporting significantly more electricity to the United States than it imports began to shift, and Canada became a net electricity importer for three months earlier this year. Exports fell as lower hydropower generation from drought conditions in Canada and lower natural gas prices in the United States made American electricity more competitive. Electricity trade between Canada and the United States remains relatively small, representing less than one percent of their total generation, but remains crucial for grid balancing and ensuring electricity supply during low production periods.

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