U.S. Markets closed
  • S&P 500

    3,901.36
    +0.57 (+0.01%)
     
  • Dow 30

    31,261.90
    +8.77 (+0.03%)
     
  • Nasdaq

    11,354.62
    -33.88 (-0.30%)
     
  • Russell 2000

    1,773.27
    -2.96 (-0.17%)
     
  • Crude Oil

    110.35
    +0.46 (+0.42%)
     
  • Gold

    1,845.10
    +3.90 (+0.21%)
     
  • Silver

    21.87
    -0.03 (-0.13%)
     
  • EUR/USD

    1.0562
    -0.0026 (-0.2429%)
     
  • 10-Yr Bond

    2.7870
    -0.0680 (-2.38%)
     
  • Vix

    29.43
    +0.08 (+0.27%)
     
  • GBP/USD

    1.2495
    +0.0020 (+0.1587%)
     
  • USD/JPY

    127.8500
    +0.0560 (+0.0438%)
     
  • BTC-USD

    29,921.69
    +477.38 (+1.62%)
     
  • CMC Crypto 200

    650.34
    -23.03 (-3.42%)
     
  • FTSE 100

    7,389.98
    +87.24 (+1.19%)
     
  • Nikkei 225

    26,739.03
    +336.19 (+1.27%)
     

ENERGY STORAGE POWERED BY ONTARIO'S NUCLEAR ASSETS: A MADE-IN-ONTARIO PATHWAY TO NET ZERO

·3 min read

New report explores how large-scale energy storage in combination with clean electricity from Bruce Power presents a $4-billion opportunity for Bruce, Grey and Huron counties

SAUGEEN SHORES, ON, Jan. 26, 2022 /CNW/ - Ontario will need investment in vast new energy storage capacity in combination with clean power from nuclear generation to meet its increasing clean energy demands in the coming years. This need will also provide a historic opportunity for the region to attract more than four billion dollars of investment and thousands of jobs.

"Being able to store clean baseload energy from nuclear and draw upon that reserve when required is essential to match changes in electricity demand," says Chad Richards, Director of the Bruce Power Centre for New Nuclear & Net Zero Partnerships at the Nuclear Innovation Institute (NII). "Fortunately, there are plenty of made-in-Ontario solutions to fulfill our need for energy storage, including some right here in our region," he said, pointing to the proposed Ontario Pumped Storage project in Meaford, among others.

That's the key takeaway from Store of Value, a new report by NII which found that the ability to store energy generated by low-carbon sources like nuclear provides the assurance of clean, reliable electricity on demand. The Clean Energy Frontier of Bruce, Grey and Huron counties is therefore perfectly positioned to create new energy storage capacity by leveraging the investments being made to extend the life of the reactors at Bruce Power with the flexibility that TC Energy's proposed pumped storage project in Meaford would provide.

"We echo the Nuclear Innovation Institute's report that highlights the need for new energy storage capacity," said Corey Hessen, executive vice president, TC Energy, and president, Power, Storage & Commercial Marketing. "TC Energy is committed to helping Ontario and all of Canada meet clean energy goals. We plan to invest $4.3 billion to develop a zero-emissions pumped hydro storage project that will provide the ability to store power, all while meeting the highest environmental and community standards and creating jobs."

Examining the important role that energy storage technologies will play in electricity grids on a pathway to a net-zero future, the study makes clear that these technologies operate best in systems with a steady supply of clean, baseload electricity—like in Ontario with its reliable supply of emissions-free nuclear power.

Bruce Power also expressed its support for the report's findings, as they align with both the nuclear generation from the site and also with 2021's launch of Bruce Power Net Zero. Both support complementary technologies to nuclear power that will enable a net-zero future. "Bruce Power's nuclear output is a backbone of Ontario's clean electricity grid, providing the province with stable, reliable, emissions-free baseload electricity," said James Scongack, Chief Development Officer and Executive Vice-President Operational Services.

"NII's report makes clear that pairing clean baseload electricity—such as that produced at Bruce Power—with proven energy storage solutions and infrastructure like pumped storage and battery technologies, provides a once-in-a-generation opportunity to both tackle climate change and attract a $4-billion opportunity and thousands of jobs to the region," added Scongack.

Read the report: bit.ly/NII-Reports-Store-of-Value.

The Nuclear Innovation Institute is an independent, not-for-profit organization that provides a platform to accelerate innovation and the implementation of business-relevant solutions for the nuclear industry. NII's goal is to shape a Canadian nuclear industry that embraces new thinking, new technologies and new lines of business that can drive the global shift to a low-carbon future. Learn more at nii.ca.

SOURCE Nuclear Innovation Institute

Cision
Cision

View original content: http://www.newswire.ca/en/releases/archive/January2022/26/c5692.html