Ministry of Energy's plan will make Ontario a leader in the next generation of energy technology.
TORONTO, Dec. 2, 2013 /CNW/ – Today, the Ministry of Energy released Ontario’s updated Long Term Energy Plan that includes one of Canada’s most significant commitments to energy storage.
“Today, the Ontario Government acknowledged energy storage is vital to the future of an electricity system with improved efficiency, lower costs and increased reliability,” said Annette Verschuren, Chair and CEO of NRStor. “Now it’s up to our industry to prove how the innovative storage technologies available today will benefit the system and the ratepayer by continuing to bend the cost curve.”
Energy storage technologies, such as flywheels, batteries and compressed air energy storage, can store or generate electricity on demand to more efficiently manage the electricity grid. Storage assets can improve Ontario’s electricity system through a variety of distinct services and are a key component of smart grid development.
NRStor applauds the Ministry for taking the appropriate steps to accelerate the growth of the energy storage industry in Ontario. The Ministry announced storage technologies will be included in the procurement process starting with 50MW by the end of 2014. Several additional engagement efforts were announced including: a study will be commissioned to establish the value of storage technologies on the electricity grid; opportunities for net metering and support from conservation programs will be examined; there will be opportunities for storage to be included in large renewables procurement; and the Ministry will work to address regulatory barriers that may limit energy storage from competing in the market.
By deciding to include storage in Ontario’s procurement process the Ministry is driving not only a more efficient grid but economic growth and job potential as well. Many of these new technologies are home grown in Ontario with export opportunities to serve the globe.
About NRStor Inc.
NRStor Inc. is a privately held Toronto-based energy storage project developer focused on accelerating the commercialization of industry-leading energy storage technologies. NRStor is partnered with a variety of technology suppliers that manufacture and integrate flywheel, compressed air and battery energy storage systems. The Company offers flexible financing solutions to develop effective and cost-competitive storage systems based on clients’ precise technical and financial needs. NRStor is led by Chair & CEO Annette Verschuren, O.C.