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Regulatory press release

QEC: Minister comments on electricity energy shortage in Quebec

Questerre Energy
The Minister of Economy, Innovation and Energy in Quebec, Pierre Fitzgibbon,
commented recently on the imminent electricity energy shortage in the province.

According to the press coverage, Minister Fitzgibbon was quoted 'Electricity, it
will surely run out'. (Links to the media articles can be found below). Despite
its significant hydropower resources, the province of Quebec is anticipating a
shortfall of between 100 terrawatt hours (approximately 50% of its current
production) and 150 Terrawatt hours by 2050. While the Government plans to build
more wind turbines, Minister Fitzgibbon notes that the real challenge is what
can be done in the short term. He was also quoted saying 'Quebecers must be
frugal with the megawatts we have left.'

As a result of this shortfall, the Government of Quebec plans to introduce a
bill next year that could require industrial consumers to reduce their energy
usage during peak periods. Residential consumers could also be called upon to
reduce their electricity consumption. He did not rule out imitating France
'which recommends lowering the heating of residences to 19 degrees Celsius'.

As previously noted in its third quarter 2022 report, with a secure supply of
local natural gas, Questerre believes its Clean Gas could help Quebec free up
critical electricity.

Links:

https://www.ledevoir.com/politique/773141/le-gouvernement-depose-son-projet-de-l
oi-pour-plafonner-les-tarifs-d-hydro-quebec
https://ici.radio-canada.ca/nouvelle/1938229/fitzgibbon-chauffage-quebecois-elec
tricite-eoliennes
https://www.latribune.ca/2022/12/08/il-y-a-place-a-economiser-lelectricite-avant
-de-baisser-le-chauffage-83498adf3b96c49b57c0ad2fc578f804
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