May News Update - What the RE Royalties Team is Reading
Over the past few months, the team at RE Royalties has had a continuous focus on the latest developments in the renewables industry to better understand our clients' needs. Here are some of the highlights from the articles that the team has been reading.
Mid-C Forwards Reach Record Highs Following Low Forecast of Dalles Dam
The Dalles Dam water supply forecast has been declining throughout the spring season. It has recently reached a new season-low due to poor snow-building months in the past and insufficient precipitation in the future. This forecast signals a drop of 20 percentage points year on year and warns for a decreased hydro generation availability, a power source that accounts for more than 70% of the total fuel mix in the region. In response to the forecast, Mid-C on-peak forward summer packages raised to about 200% above their previous five-year average, a historical high that is unseen before. To read more about the data trends, please check out the article here.
Budweiser's Choose Earth Campaign Receives Support from Partnership with Capital Power
On April 19th, the Canadian brewing company signed a Virtual Power Purchase Agreement to purchase 51% of the electricity generated from Capital Power's 75-megawatt Enchant Solar facility in Taber, Alberta. Construction is set to break ground in the second quarter of 2022, with commercial operations expected by the end of the year. This development enhances Budweiser's goal to produce every beer it brews using 100% renewable electricity. This partnership is a milestone in both the company and the province's progress towards sustainability as it demonstrates the power of collaboration across industries to advance renewable electricity for a better world. Please check out this article to read more about the largest public renewable electricity commitment ever made by a Canadian brewer.
Canada Supports Renewable Energy and Grid Modernization Projects with Over $960 Million Investment
On June 2nd, the federal government launched the $964-million Smart Renewables and Electrification Pathways Program to support smart renewable energy and grid modernization projects. This transformational investment will be made towards renewable technology development and electricity grid updating to make clean, affordable electricity options more accessible in communities across Canada. Examples of renewable sources of energy supported by the projects are wind, solar, storage, hydro, geothermal and tidal power. The Honourable Seamus O'Regan Jr., Minister of Natural Resources, launched the program during the Canadian Electricity Association's virtual regulatory forum. To read more about the government's step towards net-zero emissions by 2050, please click here.
Thanks for reading, we will see you next month with another selection of articles!