more than is needed, to evening, when the sun goes down. However, the ability to store energy and feed it back to the grid only scratches the surface of the potential these technologies can contribute. Energy storage can optimize any type of generation, to maximize the efficiency of the electricity generated, enhancing clean generation, supporting decarbonization, and increasing cost effectiveness for ratepayers. Energy storage can provide regional support, reducing system costs by delaying or preventing the need for large-scale transmission or distribution infrastructure, such as peaker plants, to meet demand surges. Storage increases selfsufficiency, by optimizing the assets in the grid and reducing reliance on imported energy, as well as providing resilience in the face of natural disasters. In remote communities, energy storage can enhance local renewable generation, reducing dependence on diesel generators, and providing more reliable electricity supply to those in the community. The flexibility and scalability of energy storage technologies further enhance its value. From electric vehicle (EV) batteries to residential storage systems and large-scale grid projects, energy storage serves a wide range of applications. Distributed Energy Resources (DERs) like EV batteries or residential storage systems can help communities optimize local energy generation, providing even more tailored, resilient solutions. Energy storage systems can be deployed quickly and adapted to the specific needs and environments of different regions, making them a versatile tool in the transition to a sustainable and reliable energy grid. However, the introduction of any new technology into an established system presents challenges and opportunities. Energy storage is no exception. Above I detailed several of the opportunities these technologies present in terms of securing more affordable, sustainable, reliable energy for Canadian communities. Moreover, the leadership Canada has shown in the industry provides a substantial economic opportunity, through Canada’s diverse natural resources, new manufacturing, and employment.To capitalize on these opportunities, it will be critical to tackle a few key challenges. 86 BUSINESS VIEW MAGAZINE VOLUME 12, ISSUE 04
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