There are numerous ways for Ontario businesses to save money on wholesale energy prices. Cost savings can be achieved through energy management and optimization strategies. By carefully monitoring and controlling energy use, decreases in overall costs can be realized without sacrificing operations.
With exports to the United States now reaching three-year highs, Canadian producers are increasing drilling and capital expenditures. Globally, prices have reached multi-year highs, particularly since demand in Asia has been unparalleled and the stockpile in Europe quite low. Utilities around the world are engaged in stiff competition for liquified natural gas exports.
IESO’s Market Renewal Program is a multi-year plan for the redesign of Ontario’s electricity market. Launched in 2016, the system is set to increase efficiency, transparency, and reliability of the entire sector, with two primary objectives for the last five years: increasing energy and capacity. The redesign is aimed at providing a more stable and reliable electricity supply – and at a better price for end-users. Once the program is fully implemented, the market price at any given time or location will better reflect the real value of the energy being generated and consumed.
Ontario’s move to close its coal-fired plants in the early 2000s was one of the biggest actions to reduce greenhouse gas emissions in North America. That means the people of Ontario have made a significant contribution to saving wholesale energy costs, while at the same time reducing dangerous emissions.
Ontario offers a couple of incentive programs that allow companies to save on wholesale energy and reduce maintenance costs. For instance, the Retrofit program helps customers upgrade motors, compressed air systems, lighting and HVAC systems. Meanwhile, the Process and Systems Upgrades program helps customers implement changes in their business to increase competitiveness, reduce electricity use and boost energy savings.
Energy managers have a number of tools they can use to save money on wholesale energy costs. For instance, real time energy data can allow building operators to identify potential issues immediately and introduce corrective actions.
To save money on Ontario wholesale energy prices, it’s useful to know how the province’s system works. The market is managed by the Independent Electricity System Operator (IESO), which also plans for future electricity needs. Energy bills can be evaluated by using an energy calculator, available from the Ontario Energy Board.
Companies like Active Business Services can help firms potentially save money on Ontario wholesale energy costs. Active Business Services has a wide variety of energy savings strategies that can help businesses potentially reduce expenditures.
If you feel your energy needs are not being met, or are simply interested in getting a second opinion, take advantage of our complimentary energy assessment.
Active Business Services is an energy management firm that has dedicated the last ten years to providing Canadian commercial and industrial customers with natural gas and electricity supply and risk management solutions.