By Lisa Coltart
Your eyes widen as you read. This is an amazing discovery and it's relatively low cost.
It is vast – enough to provide electrical power to two million households in British Columbia by the year 2026. And best of all – it is green.
The story gets even better. As we tap this energy source, we will have the opportunity to leap to the forefront of an emerging industry.
Businesses, governments and utilities all over the world have a high demand for the innovation and technological development we could provide. This source of energy – if we move quickly and maximize our expertise – could turn us into a world leader in a green, knowledge-based industry.
Now, here is the best part – this story is true. In fact, it's already happening.
The vast source of new energy right under our noses, which is already creating new technology, jobs and opportunities in our province, is energy efficiency and conservation.
True, conservation doesn't grab as many headlines as solar panels and geothermal loops. However, from where I sit as the head of Power Smart, BC Hydro's demand-side management program, electricity conservation is one of the most exciting opportunities on the energy landscape today.
Consider this:
• 22,000 GWh: BC Hydro's 2007 Conservation Potential Review (CPR) identified a whopping 22,000 Gigawatt hours per year of electricity that we can access through conservation measures by the year 2026.
• Up to 50 per cent new supply: To put that into perspective, BC Hydro generates between 43,000 and 56,000 Gigawatt hours per year. So if we "harvest" all the electricity we use inefficiently, we will add up to 50 per cent "new" supply to our current grid, compared to today's baseline.
• Lowest cost: On average, energy efficiency and conservation costs as little as one-fifth to one-eighth the cost of other new clean resource options.
• Savings achieved: We are already tapping our "new" supply. Since 2008, we have achieved 3,400 GWh/year of electricity savings – enough to power 309,000 B.C. homes. We've helped schools and hospitals improve their efficiency, freeing their budget for other priorities.
We've improved B.C.'s industrial efficiency; saving companies money and helping them compete on the world stage. We've helped replace aging, inefficient technology, from pumps in mills to the incandescent light bulb in your living room.
By 2035, it will be clear that we are standing today on the cusp of a new energy era. It is likely demand will continue to grow, fuelled by population growth and our continued adoption of electrical appliances and electronics.
Given the challenges that lie ahead, we must focus on making the most of what we have by investing our efforts into energy efficiency and conservation in B.C.
It is an old-fashioned idea, and a cutting-edge opportunity. It is the best way to help our province achieve a brilliant energy future.
Lisa Coltart is the Power Smart and customer care executive director at BC Hydro.