LOCAL ELECTRICITY MARKET GOES LIVE AND WELCOMES APPLICANTS TO POWER UP THE FUTURE
A new milestone in the electricity industry has been reached right here locally, in Leamington. Essex Powerlines (EPL) is one of the first Local Distribution Companies (LDC) to launch a marketplace for buying and selling electricity locally…Introducing PowerShare, which allows participants to generate, store and sell electricity to the utility, promoting efficient and sustainable energy use.
Currently, EPL is inviting their Leamington customers (Commercial business, manufacturers and local organizations) who operate Distributed Energy Resources (i.e. solar, wind turbines, battery storage) of 100+kW to participate in PowerShare. Participants will be directed by EPL to supply electricity or reduce electricity use on demand to support system reliability.
PowerShare participants can earn up to: $96,000 (2023) / $94,050 (2024)*. Any EPL customer that is interested in participating can visit www.powershare.energy or email firstname.lastname@example.org.
“PowerShare’s role is not only in mitigating grid constraints but also holds the potential to contribute towards lowering provincial energy demands,” said John Avdoulos, President & CEO of Essex Power Corporation. “Our region is currently undergoing a remarkable economic expansion. The anticipated surge in electricity demand, projected to skyrocket from 500 MW to 2,300 MW by 2035, underscores the significances of this project as a crucial component within a comprehensive strategy aimed at fueling the region’s energy requirements.”
EPL collaborated with partners NODES, Essex Energy Corporation and Utilismart Corporation to bring PowerShare to life. This project was made possible through the financial support of the Independent Electricity System Operator (IESO) Grid Innovation Fund and regulatory guidance from the Ontario Energy Board (OEB) Innovation Sandbox.
“Local businesses have an important role to play in helping advance, manage and shape the ongoing energy transformation,” said Lesley Gallinger, President and CEO of the IESO. “Through local electricity markets like this, businesses can play a more active role in the electricity sector, helping to reduce costs and improve reliability for everyone.”
“We’re pleased to work with the sector to help enable innovation to gain greater insight into emerging challenges,” said Susanna Zagar, CEO of the OEB. “Projects such as this can help unlock the electricity potential in Ontario’s communities, providing local solutions to help meet our future energy needs.”
“Our team is thrilled to be part of this pioneering project, the first of it’s kind in North America,” said Anthony Clavet, Director of Engineering & Assets of Essex Powerlines Corporation. “Not only will our LDC see value in utilizing local assets, but LDCs across the province can join and see how PowerShare can solve capacity issues through a flexible power system, adaptive infrastructure and an enhanced customer experience.”
*Total amount is assumed with a 1 MW asset offering both ShortFlex and LongFlex products, equal activations of all assets in market, and 5 MW of total capacity participating in market in 2023 and 10 MW in 2024. Actual amounts will vary based on offer prices and other market forces.