This past weekend’s warm weather and its promise of a transition into spring has been crushed by Alberta’s more typical
version of spring with 10+ cm of snow. The mild temperatures reduced demand in the province, resulting in an average price
of $34.89/MWh, $30.92/MWh (47%) lower than the previous week. The highest price hour came in at $75.44/MWh last
Tuesday during a period of low wind and multiple outages. The forward curve declined in response to this week’s soft settles
that occurred despite the Shepard Energy Centre and multiple coal units being offline.
Oversupply of natural gas in the province continues unabated, with the AECO-C spot price averaging a dismal $1.17/GJ, $0.79/
GJ (40%) lower than the previous week’s average. April month-to-date has averaged $1.61/GJ, dipping as low as $0.41/GJ.
New techniques for extracting vanadium from bitumen could establish the oil sands as a leader in the renewable energy
storage revolution. Vanadium can be used to produce utility-scale redox flow batteries, capable of storing the intermittent
power generated by solar and wind, and is present in each barrel produced. Though the process is in its early stages, the
innovation that has driven the oil sands for decades could produce another valuable energy component, one that is key to our
renewable energy future.