In the News
Editorial piece by Alex Wood, senior director, policy and markets, of Sustainable Prosperity, on B.C. being well positioned for green power with a look at the provincial government feed-in-tariff (FIT) program and lessons the province can learn from other similar programs to best suit B.C.’s resources and create a cutting edge program.
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How B.C. is achieving sustainable prosperity
We’re well-positioned in terms of green power, and new policies will ensure that continues into the future
When it comes to clean electricity, British Columbia is sitting in an enviable position.
While Ontario and other provinces struggle to reduce their reliance on coal plants that undermine human health, ecosystems and the climate, West Coasters enjoy ready access to exceptionally low carbon power — the legacy of a series of prudent and decades-old hydroelectric investments. And while B.C.’s green power is abundant today, and getting greener all the time, it makes good sense to plan for the future.
That’s why early in the new year, the provincial government is expected to introduce a new renewable energy policy known as a feed-in tariff. The policy is essentially a guarantee that BC Hydro will purchase electricity from qualifying renewable generation facilities at a fixed rate, for a generous period of time. The policy sharply reduces financial risks for small producers, and allows startup clean energy companies to borrow capital at a lower rate, which can reduce a given project’s overall costs and increase its long-term viability. Ontario introduced a feed-in tariff just over a year ago, and the program is already a success. The new solar and wind farms now feeding the region’s grid helped Ontario Hydro to shut down four coal-fired energy units recently. Meanwhile, the policy has lured big companies such as Samsung and Siemens to set up manufacturing plants, potentially creating thousands of green-collar jobs.
Since British Columbia’s grid is significantly cleaner than Ontario’s, its feed-in tariff will be structured somewhat differently. For one thing, it won’t include wind or solar — except in the cases of off-grid first nations communities now powered by expensive and polluting diesel fuel. Instead, it is designed to nurture still-experimental renewable technologies such as geothermal, ocean energy and bioenergy, such as wood waste.
The feed-in tariff is not a new invention. Indeed, it has proven the backbone of successful renewable energy programs around the world. As B.C. follows Ontario’s lead and moves to implement a feed-in tariff of its own, it would do well to consider the lessons learned in other jurisdictions where experience with the tool is measured in decades. A recent Sustainable Prosperity report prepared for the one-year anniversary of Ontario’s feed-in tariff examines lessons learned from similar programs long established in Germany, Denmark and Spain. Many of those lessons have direct relevance to the options now on the table in B.C.
Alex Wood is the senior director, policy and markets, of Sustainable Prosperity, a national research and policy network based at the University of Ottawa that is working to build a stronger, greener economy through market-based strategies.
Link to full article
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