Brookfield-linked company seeks 30-year licence to export Canadian hydro to U.S.

Powell River Energy Inc. wants to export up to 700,000 megawatt-hours of B.C. hydro annually to a U.S. affiliate until 2055, despite warnings that Canada will need far more power at home.

Source: X (Mark Carney)

Author: Alex Dhaliwal

A company linked to Prime Minister Mark Carney’s former employer is seeking to lock Canadian hydroelectricity into a 30-year export deal with the United States, raising fresh questions about whether Ottawa is putting Canadian energy interests first.

Powell River Energy Inc. (PREI), a subsidiary of Brookfield Renewable, has applied for a licence to export up to 700,000 megawatt-hours of electricity annually from two hydroelectric dams in British Columbia to its U.S. affiliate, BR Pacific Hydro Power, until 2055.

The proposal has attracted more than 2,500 public submissions—nearly all opposing it—with critics warning it could lock Canadian electricity into the U.S. market for decades while setting a precedent for private companies to prioritize foreign buyers over domestic demand.

The application first drew national attention after it appeared on Carney’s conflict-of-interest screen, The Tyee reported.

According to the federal Ethics Commissioner, Carney is screened from decisions involving more than 100 companies connected to Brookfield Asset Management, where he served as chair before resigning in January 2025 to seek the Liberal leadership.

Brookfield’s U.S. securities filings also show Carney held $9.8 million in unexercised stock options as of Dec. 31, 2024.

The debate has since expanded well beyond ethics.

Rather than fast-tracking the proposal through the Canada Energy Regulator’s standard permitting process, regulators ordered a full licensing review, citing concerns over the unprecedented 30-year term, the volume of electricity being exported and whether Canadian buyers had a fair chance to purchase the power.

The federal government accepted that recommendation, giving regulators the power to hold public hearings, demand additional evidence, impose binding conditions or reject the application altogether.

Among those calling for closer scrutiny were BC Hydro and the Tla’amin Nation, which argue the electricity could be critical to redeveloping the former Catalyst Paper mill site and supporting future industrial growth.

“If we didn’t secure power to develop the site, it would be catastrophic,” Tla’amin Chief John Hackett said after Ottawa ordered the tougher review.

Conservative MP Aaron Gunn has emerged as one of the proposal’s fiercest critics.

“For 100 years, two dams in Powell River provided electricity that supported thousands of Canadian jobs. Then they were bought by Brookfield,” Gunn said last Nov. 19.

“Now, Mark Carney’s old company wants to export all the power—and profits—to the United States.”

Gunn has formally asked the Canada Energy Regulator to reject the application, arguing the dams were built to power Canadian industry and should continue serving Canadian workers and communities rather than a U.S. affiliate.

The dispute comes as Ottawa touts “nation-building” projects and pledges to double Canada’s electricity supply by 2050 to meet growing demand.

Critics argue approving a decades-long export licence would move Canada in the opposite direction, tying up domestic hydroelectricity just as governments warn the country will need significantly more power for industrial expansion, electrification and artificial intelligence.

They contend Canadian energy resources should first serve Canadian homes, businesses and economic development—not long-term export contracts.

No timeline has been announced for the licensing review, and the Canada Energy Regulator has yet to decide whether the application will be approved.