CanREA members feature prominently in IESO Resource Adequacy updates

Ontario’s Independent Electricity System Operator (IESO) RFQ results recognize the role that renewable energy and energy-storage providers can play in supplying the provincial electricity grid

Toronto, August 23, 2022 – Ontario’s Independent Electricity System Operator (IESO) provided a status update today on its ongoing efforts to maintain Ontario’s clean electricity advantage.

Following many years of robust electricity supply and stable demand, Ontario will soon need a significant volume of new generation capacity to maintain a safe and reliable electricity system. The IESO aims to secure more than 5,000 MW of capacity in the near term by leveraging existing gas facilities and building new forms of electricity generation and energy storage. Renewables and energy-storage technologies will also play a key role in meeting Ontario’s urgent energy supply needs.

Ontario’s electricity supply is approximately 94% non-emitting, thanks to the contributions of hydro, nuclear, wind and solar power.

“CanREA supports the IESO’s initiatives to qualify suppliers that will contribute to a clean, affordable and reliable grid. This effort will be essential to keep Ontario businesses globally competitive while attracting new investments in key sectors of the economy,” said Brandy Giannetta, Vice-President of Policy, Regulatory & Government Affairs at CanREA.

“Tapping into Ontario’s clean energy potential will also enable the province to drive its greenhouse-gas emissions-reduction goals forward.”

After issuing a request for qualifications from potential developers for long-term supply projects, the IESO has qualified 55 applicants. Many of these applicants are CanREA members, who collectively demonstrate a broad international interest in investing in Ontario’s clean energy sector. The qualification process reinforces the value of competitive procurements to meet the province’s reliability needs in a cost-effective manner. Qualified applicants include a significant number of potential energy-storage projects from CanREA members, a resource that will be critical to long-term decarbonization goals.

A separate competitive procurement for existing generators has also concluded, and the IESO has offered new five-year commitments that secure these resources at a lower cost than their previous contracts, reducing the impact on ratepayers.

CanREA welcomes the IESO’s forthcoming initiatives, and our members stand ready to help Ontario meet its reliability needs at the lowest possible cost.

“CanREA remains optimistic that non-emitting resources will also continue to contribute to the reliable and affordable supply that Ontario needs to power a decarbonized economy,” said Giannetta.

Background

  • Ontario’s electricity demand is projected to increase by approximately 15% over the next decade, reaching 168 million MWh by 2032.
  • The IESO aims to secure more than 5,000 MW of capacity in the near term.
  • Ontario’s electricity supply is approximately 94% non-emitting, thanks to the contributions of hydro, nuclear, wind and solar power.

Quotes

“CanREA supports the IESO’s initiatives to qualify suppliers that will contribute to a clean, affordable and reliable grid. This effort will be essential to keep Ontario businesses globally competitive while attracting new investments in key sectors of the economy.”

“Tapping into Ontario’s clean energy potential will also enable the province to drive its greenhouse-gas emissions-reduction goals forward.”

“CanREA remains optimistic that non-emitting resources will also continue to contribute to the reliable and affordable supply that Ontario needs to power a decarbonized economy.”

Brandy Giannetta, Vice-President of Policy, Regulatory & Government Affairs at CanREA

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About the Canadian Renewable Energy Association  

The Canadian Renewable Energy Association (CanREA) is the voice for wind energy, solar energy and energy storage solutions that will power Canada’s energy future. We work to create the conditions for a modern energy system through stakeholder advocacy and public engagement. Our diverse members are uniquely positioned to deliver clean, low-cost, reliable, flexible and scalable solutions for Canada’s energy needs. For more information on how Canada can use wind energy, solar energy and energy storage to help achieve its net-zero commitments, consult “Powering Canada’s Journey to Net-Zero: CanREA’s 2050 Vison.” Follow us on Twitter and LinkedIn. Subscribe to our newsletter here. Become a member here. Learn more at renewablesassociation.ca  

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