Yes, it stands to reason that the shift to electric vehicles and heat pumps will add new electricity consumption to the system. But there is a global energy transition underway, and while electrification is a central theme, so too is the development of technologies, materials and techniques that reduce the amount of electricity and the peak consumption required to meet the demand for human amenities that drive all economies.
These new technologies could keep peak demand growth in Ontario well under 1% per year, even as we electrify our vehicles and our natural gas-heated homes and buildings. They are being researched and deployed in countries where natural resources are scarcer and electricity is more expensive than in Canada, but once they’re developed, they move through the global economy in less time than it takes to design, build and license a multibillion-dollar nuclear power plant prototype.
(editorial comment: I would also argue that the use of microgrids will dramatically reduce the demand for central mega plants and their power. Their demand growth will be negative.)