Ontario has affordable options to meet increasing electricity demand without increasing fossil fuels.Canadian Business Journal

TORONTO, ON, Nov. 30, 2022 (GLOBE NEWSWIRE) — New report by Power Advisory, Net-zero power system scenario in Ontario, shows that Ontario can meet the growing demand for electricity with reliable and affordable energy solutions aligned with the global transition to net zero carbon emissions. The report compares multiple paths for Ontario to achieve his net-zero grid by 2035 and identifies the key planning and investments required.

The study, commissioned by The Atmospheric Fund (TAF), comes at a pivotal time as the state begins to procure additional new fossil fuel power plants to meet its growing electricity demand. Ontario currently has the cleanest power grid in North America. However, the state’s plan to meet growing demand for electricity with natural gas power projects a 260% increase in grid emissions by 2040. While such a move would ensure grid reliability, it would cost Ontario more and undermine the benefits of electrification. As the Power Advisory report shows, these risks are unnecessary.

“We have a once-in-a-generation opportunity to extend the benefits of Ontario’s clean power and build a power system that meets the needs of both urban and rural communities.” Julia Langer, CEO of The Atmospheric Fund, said: “A modernized and decarbonized grid removes barriers and expands opportunities for businesses, communities and municipalities looking to meet climate goals and develop their own energy projects.”

Importantly, modeling work shows that it is more affordable to combine energy efficiency, solar, wind and storage to meet increasing power demand than to augment natural gas. . Existing gas plants are limited to ensuring grid reliability and total production is well below current levels. This approach will allow Ontario to reduce its emissions by 85% below his projected levels by 2035, while keeping wholesale electricity prices on par with current prices. The study also demonstrates the urgent need for significant planning and large-scale investment in decentralized small-scale energy supply and demand resources. This enables large-scale renewable energy projects with longer lead times. These are the main building blocks of modern times. twenty one^st– Century power grid.

“It is well established that Ontario’s coal phase-out was a world-leading achievement that was later copied by jurisdictions around the world. Quality has improved measurably, making the state a destination for cutting-edge, growth-oriented businesses and talent.Now, instead of relying on our dominance, other jurisdictions are looking to capitalize on the global economy. As we invest in the clean grid infrastructure demanded by the industry, we run the risk of falling behind.” Langer says.

A key finding of the Power Advisory study is that the longer we wait for Ontario to act, the higher the risk and cost of modernizing the grid.

“Power Advisory modeling uses realistic assumptions that take into account current policies, regulations and emerging trends in the power system, consistent with the modeling of power system operators themselves. It demonstrates the need for immediate action and the benefits of consistent investment in the power sector over the next decade.” Travis Lusney, Director of Power Systems, Power Advisory“Building energy infrastructure takes time. We need to act now in the right ways to enable investments to lay the foundation for a net-zero grid by 2035. Delays and narrow focus. The complexity risks leaving the most cost-effective solution off the table.”

The Power Advisory’s recommendations follow TAF’s annual GTHA Carbon Emissions Inventory, which shows that the Greater Toronto and Hamilton area’s carbon emissions increased by 4.5% in 2021. power generation. In the last two years, 34 Ontario municipalities, including Toronto, Ottawa and Hamilton, have approved the phase-out of natural gas plants.

To view full Net-zero power system scenario in Ontario Report, visit: taf.ca

Additional Quick Facts

• To support the electrification of the economy as a whole, Ontario’s electricity demand is expected to increase by 62% by 2035 (Source: Power Advisory/IESO).
• Ontario has one of the cleanest power grids in North America and is currently 91% fossil fuel free (source: IESO), but current plans to expand the province’s natural gas generation include Grid emissions are projected to increase by 260% by 2020 (source: TAF). .
• The US has invested $200 billion in solar, wind, energy storage and energy efficiency (source: EDF), and 50% of US planned gas plants have been canceled (source : RMI).
• The cost of wind and solar has fallen by 72% and 90% respectively over the last decade and is now the cheapest source of new power generation (source: Lazard).
• Wind and solar will account for 75% of new global installed capacity in 2021, up from 23% in 2009 (Source: Bloomberg NEF)

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About Atmosphere Fund

The Atmospheric Fund (TAF) is a regional climate agency that invests in low-carbon solutions in the Greater Toronto and Hamilton areas and helps scale them up for widespread implementation. We are experienced leaders, working with stakeholders in the private, public and non-profit sectors who have ideas and opportunities to reduce carbon emissions. With the support of the Foundation, we promote the most promising concepts by investing, providing grants, influencing policy and implementing programs. We are particularly interested in ideas that provide benefits in addition to carbon reduction, such as improving people’s health, creating local jobs, increasing urban resilience, and contributing to a just society.

Learn more at taf.ca

About power advisories

Power Advisory is a power sector management consulting firm with deep expertise in the Canadian and US power markets. We have strong price forecasting capabilities for various power services and can provide in-depth analysis on market designs, regulatory frameworks and investment opportunities. Our market valuations are robust and reflect a deep understanding of power systems, market design and the investment environment. In addition, clients regularly ask us to critically assess the economics of projects and assess the validity of underlying assumptions in both wholesale and regulated markets. Power Advisory was founded in 2007. We have offices in the Boston metropolitan area, Calgary and Toronto.

For more information, visit poweradvisoryllc.com.

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