Supporting energy innovation in Hamilton
Dean Mountain, Professor, Finance & Business Economics at the DeGroote School of Business, speaks to students, staff, faculty and other guests in the atrium of the DeGroote School of Business Monday.
Ontario is building a smarter electricity grid by funding projects that will allow residents to monitor and control their electricity consumption in response to peak pricing schedules set by their utility.
McMaster University has been offered $1.4M in support from Ontario’s Smart Grid Fund program to design various dynamic pricing programs and pilot how those programs, combined with detailed energy consumption data, can help consumers save energy and costs. This project is pending final contracting.
“This Smart Grid Project is another example of the innovative braintrust here at McMaster University,” said Ted McMeekin MPP, Ancaster Dundas Flamborough Westdale. “Building a smarter grid has long been a key part of our government’s plan to modernize our energy infrastructure and provide clean, reliable affordable power to consumers.”
The Smart Grid Fund supports the development of new and emerging technologies that will bring benefits to Ontario’s homes and businesses – like fewer service disruptions, less wasted energy and increased grid security.
“Mobilizing our knowledge to ensure the public reaps the benefits of our work is central to our research mandate,” said Mo Elbestawi, Vice-President, Research & International Affairs. “This Smart Grid funding is a great conduit to making that happen.”
Building a smart grid and supporting innovation is part of the government’s economic plan that is creating jobs for today and tomorrow. The comprehensive plan and its six priorities focus on Ontario’s greatest strengths – its people and strategic partnerships.
“The research will allow for more insight into the effectiveness of feedback on current electricity consumption, together with innovative electricity pricing to promote a culture of conservation,” said Dean Mountain, Professor, Finance & Business Economics at DeGroote School of Business. “There is potential for residents to realize savings as pricing and usage information are integrated.”
Quick Facts
- The Behind the Meter category for the Smart Grid Fund projects feature customer-side technologies that enable two-way information exchange between consumer and utility in order to improve system efficiency and consumer cost management.
- McMaster University’s project collaborators on their Customer Opt-In Dynamic Pricing Programs project are, Hydro One and Blue Line Innovations.
- The Smart Grid Fund is a $50 million program that supports high-value opportunities to advance energy innovation in Ontario.
- Launched in April 2011, the Smart Grid Fund supported eleven projects prior to announcing this batch, and has created more than 600 direct and indirect jobs.
- Ontario’s Smart Grid is supported by 4.8 million smart meters installed in homes and businesses across the province.
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