The Canadian Electricity Association (CEA) released a new report today called Electric Utility Innovation: Toward Vision 2050 that sheds light on the reality that much of Canada’s electricity infrastructure is reaching the end of its useful life and discusses the impact of the changing role of electric utilities on decisions about renewal. The report emphasizes the need for a systematic approach to innovation to ensure utilities have the mandate and means to invest in innovation going forward, allowing them to meet the needs and expectations of tomorrow’s customers.
“Canadian utilities are nearing a once-in-a-generation peak for electricity infrastructure investment, which provides both the opportunity and necessity to develop, test, and deploy leading-edge grid modernization technologies,” said the Hon. Sergio Marchi, CEA’s President and CEO. “Strategic, collaborative innovation today will ensure a reliable, cost efficient, safe and sustainable system for the future.”
Electric Utility Innovation centers on the opportunity to develop key technology areas currently being explored by Canadian utilities that CEA believes show the most promise for shaping the functionality of tomorrow’s electricity sector. These technology areas include demand response, the facilitation of distributed generation, the facilitation of electric vehicles, the optimization of asset use, and fault detection and mitigation.
Taking into account the key drivers and technology areas influencing the grid modernization opportunity in Canada, the report offers seven recommendations that will help regulators, policymakers, and utilities continue to push the innovation agenda forward:
- Align priorities and goals;
- Track grid modernization indicators at a national level;
- Look internationally;
- Pool innovation funding to mitigate risk and share rewards;
- Share lessons learned;
- Lock in knowledge by developing codes and standards;
- Keep customers informed and engaged.
To read Electric Utility Innovation: Toward Vision 2050, click here.