The Western Regional Enterprise Network (WREN) is taking the first step needed in hopefully implementing a recently-created energy investment plan aimed at helping homeowners in its region with energy costs.
This first step comes in the form of making an application to the Federation of Canadian Municipalities’ (FCM) Community Energy Fund to receive funding for a residential retrofit energy efficiency program.
The Western Region Energy Investment Plan (WREIP) – called ‘A Roadmap for Addressing Climate Change and Building the Clean Energy Economy’ – outlines the baseline energy consumption within the region. It also highlights opportunities to reduce local energy consumption, which can help to reduce energy expenditures in the region.
The plan also points to generating renewable energy within the region, “which can then generate revenue,” says Evan Nemeth, WREN Economic Development Officer and project lead.
The application to the FCM will help the WREN better define the opportunities and solutions needed to implement retrofits in the region it covers.
It will also help, says Nemeth, “to identify the necessary funding mechanisms to enable homeowners to implement recommendations for their residences.”
It’s been identified that average household energy expenditures in the WREN’s Western Region of Nova Scotia amounted to $5,800 in 2016.
With approximately 22,800 households in the region, that means households were spending a total of $132 million annually on energy.
That amount is projected to increase with the federal carbon tax.
The bulk of the energy consumed in the region covered by the WREN is largely imported from other parts of the world (in the case of oil and gas) and within the province (in the case of electricity).
This means the bulk of the $132 million being spent is leaving the local economy annually, reads a briefing document sent to the seven municipal units that are part of WREN.
These municipal units are the municipalities of Argyle, Barrington, Clare, Digby and Yarmouth, and the towns of Digby and Yarmouth. The units are being asked for letters of support to accompany the FCM funding application.
AN AGING HOUSING STOCK
There is an aging housing stock in the Western Region.
The amount of homes that meet the definition of energy poverty – meaning their spending on home heating and electricity is greater than six per cent of their after-tax household income – are:
• 58 per cent of households in Digby County;
• 52 per cent of households in Shelburne County;
• and, 51 per cent of households in Yarmouth County.
The WREIP document says residential buildings account for 60 per cent of the energy use of all buildings within the Western Region, which also takes into account commercial and industrial properties.
“As such, widespread residential retrofits represent a significant opportunity to contribute towards creating space on the transmission grid, while also lowering energy poverty and keeping dollars in the hands of residents,” the document states.
Nemeth says once letters of support are received from the seven municipal units, the WREN will be filing the funding application.
“We have submitted a pre-application to the FCM and have been incorporating their feedback. We expect to submit the full application shortly after we receive the requested letters of support,” he says. “From there, we expect we’ll know if we are successful in obtaining the funding by early 2022.”
QUICK GLANCE
• The WREIP document includes benchmarks of current energy consumption data from across the Western Region.
• It outlines 28 energy actions that would reduce energy consumption through efficiency improvements and increase local sustainable energy generation.
• If implemented, these energy efficiency and generation actions would decrease energy expenditures for businesses, institutions and residents.
• If implemented, it would also increase energy revenue, thereby keeping more money in the local economy, while lowering greenhouse gas emissions.
TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.
The S&P/TSX composite index was up 103.40 points at 24,542.48.
In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.
The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.
The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.
The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.
This report by The Canadian Press was first published Oct. 16, 2024.
TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.
The S&P/TSX composite index was up 205.86 points at 24,508.12.
In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.
The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.
The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.
The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.
This report by The Canadian Press was first published Oct. 11, 2024.
TORONTO – Canada’s main stock index was little changed in late-morning trading as the financial sector fell, but energy and base metal stocks moved higher.
The S&P/TSX composite index was up 0.05 of a point at 24,224.95.
In New York, the Dow Jones industrial average was down 94.31 points at 42,417.69. The S&P 500 index was down 10.91 points at 5,781.13, while the Nasdaq composite was down 29.59 points at 18,262.03.
The Canadian dollar traded for 72.71 cents US compared with 73.05 cents US on Wednesday.
The November crude oil contract was up US$1.69 at US$74.93 per barrel and the November natural gas contract was up a penny at US$2.67 per mmBTU.
The December gold contract was up US$14.70 at US$2,640.70 an ounce and the December copper contract was up two cents at US$4.42 a pound.
This report by The Canadian Press was first published Oct. 10, 2024.
