Should energy storage be a key component of Canada's energy future?

Long-duration storage should be a key component of Canada’s energy future Additionally, while it is important we act and act quickly to deploy energy storage to meet the evolving needs of Canada’s energy system, we also need to act with an eye toward the long-term beyond 2035.

What is the fastest growing energy storage technology in Canada?

BESS is the fastest growing energy storage technology in Canada and is also the dominant storage technology in terms of capacity and number of sites. All but four projects proposed to be commissioned by 2030 are battery storage, with two CAES and two PHS projects also proposed.

Is energy storage a new economic frontier?

With the country’s target to reach zero-net emissions by 2050, energy storage is a strategic component in the energy transition and a new economic frontier. Accordingly, opportunities for energy storage development and financing are rising, similar to the heightened interest in the solar technologies a decade ago.

What are the different types of energy storage?

The most used types of energy storage are pumped hydropower, thermal storage, flywheels, and batteries. While certain technologies, such as pumped hydropower, are mature technologies with a proven track record of implementation and operation, other technologies, such as large-scale battery storage, are more novel.

Can energy be stored in large quantities of water?

Energy can be stored in the form of potential energy in large quantities of water for longer periods of time than other storage methods. However, facilities require sizeable portions of specific geology with large elevation differences, which can limit the viability of PSH facility locations.

How much money does Canada give to Investissement Québec?

The Government of Canada is providing a conditional contribution of $322 million through the Strategic Innovation Fund, and the Government of Québec is providing a partially forgivable loan of $322 million through Investissement Québec.