Energy Efficiency Proves More Cost-Effective Than New Power Generation
Energy efficiency ‘five times cheaper’ than new projects: report
Ctv News
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A report from HEC Montréal reveals that energy efficiency measures cost about three cents per kilowatt-hour, making them five times cheaper than new electricity generation projects, which average twelve cents per kilowatt-hour. Hydro-Quebec aims for significant efficiency gains by 2035.
- 01Energy efficiency costs an average of three cents per kilowatt-hour, compared to twelve cents for new generation.
- 02Hydro-Quebec targets 21 terawatt-hours of efficiency gains by 2035, though mobilizing support may be challenging.
- 03The industrial sector wastes 60% of its energy consumption, indicating significant potential for savings.
- 04The energy efficiency industry comprises nearly 12,000 companies and generates $27 billion in revenue.
- 05Investments in energy efficiency often face hurdles due to short investment horizons.
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A recent report by the HEC Montréal chair in energy sector management highlights that implementing energy efficiency measures is significantly cheaper than developing new power generation projects. The average cost of energy savings is approximately three cents per kilowatt-hour (¢/kWh), while generating additional electricity costs around twelve cents per kilowatt-hour. Pierre-Olivier Pineau, the chair, emphasizes that pursuing energy efficiency is about five times less expensive than new projects. Hydro-Quebec aims to achieve 21 terawatt-hours (TWh) in efficiency gains by 2035, a target that is technically feasible but may require overcoming consumer indifference towards energy efficiency. The report also notes that a staggering 60% of energy consumption in the industrial sector is wasted, presenting an opportunity for heat recovery and other efficiency measures. The energy efficiency sector includes nearly 12,000 companies and generates significant economic impact, with revenues estimated at $27 billion and close to 100,000 jobs.
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The shift towards energy efficiency could lead to lower energy costs and reduced reliance on new power generation, benefiting consumers and businesses in Quebec.
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