While summer energy prices have been known to ‘burn’ many manufacturers not protected by EMC energy team’s ‘sunscreen’ (aka custom energy procurement strategies), the lack of predictable weather can have on pricing this time of year is indicating a winter frostbite that might burn even more!
With almost 11 months of the year behind us, the year-to-date average Hourly Ontario Electricity Price (HOEP) is actually 25% lower than this time last year. Despite being low overall, there is still variation in HOEP as October’s average was around $6.50 /MWh but so far in November we are triple that cost!
In January, Bruce Nuclear will take one of its generating units offline (to begin refurbishment) and currently Darlington already has one unit offline, with a second scheduled to be removed in Q2 2020. As a result, HOEP will likely increase in 2020 (and for the foreseeable future) as these refurbishments are completed and Jack Frost wields his bite.
Nearly 30% of recently surveyed manufacturers admitted to having no energy strategy in place. Don’t be left out in the cold like they are.
EMC’s Energy Team is currently working with manufacturers on deploying their winter energy strategies and has a series of recommendations which will benefit all industries looking to gain advantage over their energy costs.
EMC’s energy strategy model helps connect members with a team of energy subject-matter-experts and leverage the huge advantage that comes from being a part of Canada’s largest manufacturing consortium. Our goal is not to sell energy or push any one strategy, but rather to ensure our manufacturers have the best information possible, to make informed decisions and the resources and tools they need to succeed here in Canada.
For more information on our Energy Initiatives, please contact Scott McNeil-Smith.