Weekly Energy Charts
September 25, 2022
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Featured Stories
A Canadian IRA?
Marc Vermette
An executive VP at Enbridge, Colin Gruending, praised the incentives built into the 369-billion USD Inflation Reduction Act (IRA), which could be considered a significant precursor to the North American transition towards renewables and clean energy infrastructure.
Enbridge’s pipeline business overshadows its renewable portfolio, but the company’s scale means its ‘green’ efforts compete with some of the largest projects in Canada.
Image Credit: CNW Group/Enbridge Inc.
Canada’s carbon pricing regime and tax credits for CCUS already boost the return on such projects, but there are calls for a response to the IRA.
Canadian energy companies are looking for more investment tax credits covering a broader set of net-zero technologies, including battery storage solutions and clean hydrogen energy.
Solar in Edmonton
Debosree Mukherjee
On Tuesday, September 20th, EPCOR officially opened the kīsikāw pīsim solar farm located in southwest Edmonton. The farm is on traditional Enoch Cree Nation territory and the name was decided at a traditional Indigenous naming ceremony in January. This new farm has 30,350 solar panels and will provide the E.L. Smith Water Treatment plant with up to half of the power it needs. The water treatment plant provides 65% of the water used by Edmonton and 65 regions around the city. The kīsikāw pīsim solar farm will generate enough power to cut an estimated 14,000 tonnes of greenhouse gas emissions every year. Power from the solar panels can also be stored to be used when there is not enough sunlight to produce electricity. When more electricity than what the water treatment plant needs is generated, the electricity will go to the grid. According to EPCOR, it is Canada’s largest municipal solar farm with a battery energy storage system and smart grid.
Due to concerns regarding the ecological impact of developing a solar farm in the river valley area, the project went through a long environmental evaluation and regulatory process to be approved. The farm received $10 million in federal grants, and Edmontonians have been paying an extra 10 to 15 cents per month on their bill since 2017 to fund the project.
RBC on Net-Zero Power
Erica Beattie
Canada is expecting a 50% surge in electricity consumption over the next decade, but according to RBC’s new report, the country is unlikely to meet this challenge alongside its commitment to net zero electricity by 2035.
The situation is most dire in Ontario, the country’s (other?) economic engine, which could be facing energy shortages as soon as 2026. Ontario, like other provinces later on, will have to make tough, expensive decisions regarding energy sources.
Ontario Demand
Economist Colin Guldimann states in the report that it is not enough for Canada to merely keep up – “it needs to accelerate the expansion of its electricity system or risk falling behind in a renewed Net Zero grid race.” Russia’s invasion of Ukraine has many other countries reconsidering their energy sources, making it an opportune time for Canada to step up in the global market.
The report by RBC goes on to list various options for Canada to address demand, as well as the pros and cons to each. One major challenge it describes is the trade-off between cheap versus reliable clean energy. An article by Bloomberg summarizes the short and long term outlooks of the conclusions provided by RBC.
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