July News Update - What the RE Royalties Team is Reading
July was a busy month for us at RE Royalties. While working hard to deliver our promises, we also paid close attention to exciting news and advancements in the renewable energy market. Here are some of the highlights of what has been happening in the industry.
GE Renewable Energy Partners with Governments of Canada and Québec
The governments of Canada and Québec recently joined a partnership with GE Renewable Energy to expand its wind turbine blade facility in Gaspé. The event in which the announcement was made happened on Jul. 15 and was attended by Prime Minister of Canada, Justin Trudeau, and Québec Minister of Energy and Natural Resources, Jonatan Julien. The project will be a joint investment by the two governmental parties and LM Wind Power, a GE Renewable Energy business. The existing facility started operations in 2005 and was expanded in 2017. It has previously manufactured over 10,000 blades, roughly equivalent to 6,000 MW. The expansion received governmental support because of its contribution to long-term economic growth with the creation of 200 skilled jobs and a solution for the growing demand for renewable energy across North America, the details of which can be found here.
Hawaiian Electric Battery Cash Incentive Goes Live
Hawaiian Electric recently launched a new battery incentive program on the island of Oahu, where electricity prices are among the highest in the United States. To support sustainable energy usage and increased efficiency, the company offers upfront cash payments for residential and commercial customers who either use or discharge the power during peak hours from the battery attached to their existing or new rooftop solar systems. Participating users will use or export energy during the peak hours determined by Hawaiian Power, which will help lower the electricity bill along with the cash incentive.
The system will alleviate increasing demand from the traditional power grid and help people manage the increase in energy prices due to population increase and the retirement of a coal-fired power plant next year. The company believes that this project is an opportunity for the residences to "enjoy the added benefits of home energy storage, support the grid that serves all customers, and move us closer to our 100% clean energy for electricity goal by 2045."
Cenovus to Buy Renewable Power from Cold Lake First Nations, Elemental Energy Partnership
On Jul. 22, 2021, Cenovus Energy Inc., a Vancouver-based integrated energy company, formed a partnership with Cold Lake First Nations and Elemental Energy Inc. to purchase solar-powered electricity and the associated emissions offsets from a southern Alberta project. Once completed and producing electricity in 2023, the project is estimated to contribute 150 MW of renewable energy to the province's grid. Cold Lake First Nations, part of the Denesųłiné Nation with 3,000 members and reserve lands around Cold Lake and Primrose Lake near some of Cenovus's oil sands projects in northern Alberta, has been a long-time supplier of services at Cenovus's projects. Please click here to read more about how this transaction would help Cenovus advance its environmental, social & governance focus areas.
Thank you for reading; we will see you next month with another selection of articles.