Countries around the world are increasing their ambition on climate policy, and low-carbon technologies across a range of sectors are reaching maturity. This is creating the conditions for rapid change in the energy system and, as a major producer and exporter, Canada will be particularly impacted. Policy-makers must prepare for a period of volatility, as systems make the necessary transformation to a low-carbon future. While the end-state is becoming clearer, the transition will be marked by volatility in energy markets. It will require policies that can manage the legacy systems that dominate today as well as support the development of new energy systems.