Ontario invests $1.4 million in energy research at DeGroote
The Hon. Ted McMeekin, MPP for Ancaster Dundas Flamborough Westdale and Minister of Municipal Affairs and Housing visited the DeGroote School of Business this morning to announce $1.4 million in research funding. The research will be undertaken through a partnership with HydroOne and BlueLine Innovations and will investigate ways to reduce energy consumption through dynamic pricing models and consumer feedback.
The funding come from the Smart Grid Fund, which 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.
“This Smart Grid Project is another example of the innovative brain-trust here at McMaster University,” said McMeekin, “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 principal investigator on the project, Dean Mountain, professor of finance and business economics at the DeGroote School, says that 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. There is potential for residents to realize savings as pricing and usage information are integrated.”
- The Behind the Meter category for the Smart Grid Fund projects features 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 the 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.
Professor Mountain specializes in energy economics, applied econometrics and measurement of productivity and economies of scale in financial institutions. Current research interests include measuring energy conservation at the end-use level and the measurement of economies of scale in financial institutions.Other stories tagged: energy, finance, McMeekin, research funding