Company: BEP
Filing Date: 2025-02-28
Form Type: 20-F
Source: 0001533232-25-000006
Chunk: 268

Company: Brookfield Renewable Partners L.P.
Filing Date: 2025-02-28
Form: 20-F
Item: Item 4
Chunk 268
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. D “ Risk Factors - Risks Relating to Our Operations and Our Industry”.

In the U. S., while we are primarily focused on power markets in the northeast (New York, New England), the mid-Atlantic (including the PJM ISO and north SERC regions) and California, we have grown our asset base through the acquisition of Deriva Energy. Together these key markets cover approximately 70% of the U. S. population, and most have strong competitive wholesale markets and RPS targets, aging electricity infrastructure and pressure to retire coal generation, providing clear opportunities for sustained renewable generation growth. We are also seeing increasing demand for decarbonization-as-a-service, which we expect to be a multi-billion opportunity over the next decade, with investment driven by ambitious sustainability targets and as potential customers face pressure to decarbonize through renewable power, electrification and reduced energy consumption.

Canada

In Canada, most of our operating portfolio is located in Ontario, Québec and British Columbia, provinces that have historically been leaders in the procurement of renewable power. All three provinces have been conducting requests for proposals to procure additional renewable power to meet their energy transition targets and to meet growing demand. Ontario, in particular, has committed to the largest electricity procurement in the province's history in the next three years, whereas Quebec has committed to double its renewable capacity by 2050. We also own an operating solar project in Alberta. Federal and provincial governments are advancing regulatory reforms that would promote the construction and development of clean technologies. Federal refundable investment tax credits are now largely available, and will continue to promote capital investments in electricity generation systems across several technologies including hydro, wind, solar and storage, which we expect to have a positive impact on the commercial viability and competitiveness of our development projects.

Canadian provinces have adopted different forms of carbon pricing mechanisms that would further enable development of renewables either directly procured by utilities or from corporate and industrial interests. The federal government has also committed to the Pan-Canadian Framework on Clean Growth and Climate Change, including enacting theGreenhouse Gas Pollution Pricing Act (S. C. 2018, c. 12, s. 186), a law which serves as a backstop to any Canadian province that fails to implement their own carbon price regime that is compliant with the federal carbon price requirement. In 2024, the minimum carbon price increased to C$80/tonne and will continue to increase by C$15/tonne per year until a price of C$170/tonne is reached in 2030