Let’s Talk About BESS (Battery Energy Storage Systems)

Source: Leone King | · ENERGY STORAGE CANADA · | July 21, 2023

Canada’s current installed capacity of energy storage is approximately 1 GW.

Per Energy Storage Canada’s 2022 report, Energy Storage: A Key Net Zero Pathway in Canada, Canada is going to need at least 8 – 12 GW to ensure the country reaches its 2035 goals.

While the gap to close between the above values is substantial, the last year has seen several landmark developments for the industry in Canada with the 2023 Federal Budget detailing three refundable investment tax credits available to a diverse range of energy storage technologies, the announcement of the 250MW Oneida Energy Storage project partners achieving financial close, and the announcement of the first gigawatt of Ontario’s projects to meet their procurement for 2.5MW of storage.

Energy storage is becoming increasingly ubiquitous, even outside industry circles.

With a 68% increase in energy storage worldwide in 2022 and additional market commitments bringing the expected global installations to 130GW by 2023, its unsurprising awareness of the technology is on the rise.