A Renewables Powerhouse - New research finds that wind and solar power with battery storage is set to produce cheaper electricity
2 February 2023
2 Clean Energy Canada / A Renewables Powerhouse The path to clean, affordable power Now more than ever, energy security—that is, a country’s ability to control the supply and price of the energy it consumes—is a key issue for nations around the world. [...] However, as costs continue to fall, there are a number of ways to complement wind and solar, one of which is energy storage.25 Ontario levelized cost of energy $0.20 $0.15 With carbon price ABOUT THE GAS GENERATION $0.10 LEVELIZED COST $0.08 $0.07 OF ENERGY Without $0.05 carbon $0.05 price The main output of this analysis $0.03 was a forecast for the costs $0.00 of constructing and operating 2022. [...] S.’s Environmental Protection Agency estimates that a tonne of carbon emitted in 2020 costs the economy between C$160 and C$450.36,37 The Canadian government has referenced a range of between $135 and $440 a tonne.36 Methodology* The three key sources of data used to develop cost estimates Clean Energy Canada commissioned Dunsky Energy + Climate Advisors to develop and apply a method to translate. [...] And because called for clear and consistent government policy to power plants operate for decades, the decision to build attract renewable-related investments.5,22 more natural gas generation is passing significant risk on to future generations—both in terms of the The federal government has committed to reaching emissions produced and the costs to retrofit or retire a net-zero electricity grid by. [...] RECOMMENDED GOVERNMENT ACTIONS FEDERAL PROVINCIAL Implement the Clean Electricity Establish climate-aligned energy strategies that integrate Regulations to help accelerate near-term all forms of energy while setting clear objectives for the renewable deployment.81 decarbonization of the grid.22,33,58 Reform the treatment of the electricity Put in place short-term targets for wind and solar sector.