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.

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.

How has technology changed energy supply and demand in Canada?

Over the last decade, many policy and technology trends have altered outlooks for energy supply and demand in Canada and beyond. Several notable developments include: Coal phase-outs in power generation and falling natural gas prices reduced the expected role of coal.

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.

Is renewable electricity a cost-effective option for Canada's electricity generators?

Globally, the electrification of heat and transportation is helping families and businesses to save money, and clean electricity is increasingly a lower-cost option for grid-operators and ratepayers. For Canada’s electricity generators, building new renewable electricity, including wind and solar, is increasingly cost-effective.

How much does a battery energy storage system cost?

The cost of a battery energy storage system depends on its size, type, and capacity. Below is a general breakdown: Lithium-Ion Batteries: $10,000–$20,000 (including installation). Lead-Acid Batteries: $5,000–$10,000 (cheaper but less efficient). Lithium-Ion Batteries: $50,000–$200,000 or more, depending on system size.