A proposed salt dome project in Bay St. George could also help build a more reliable, flexible electricity system that would strengthen the grid. An independent study done by BBA Consultants has identified several potential benefits associated with the Fischells Salt Dome Power Generation Project. The project is through Triple Point Resources. CEO Julie Lemieux, says injecting water into the salt deposits to dissolve it creates a cavern that can be used for storage. She says the compressed air energy storage (CAES) project is designed to use surplus renewable electricity to compress air and store it in underground salt caverns. When electricity is needed, the stored air can be released in a controlled process to generate power.
Lemieux says these projects are happening around the world and could become an important piece of the puzzle for NL Hydro. She says with electricity here, there’s a lot of aging infrastructure that needs to be replaced in NL, a lot of diesel is being used, and this could support NL Hydro in their journey. Triple Point’s separate preliminary analysis estimates net savings of $500 million to $700 million over 10 years.
Lemieux says the next step is a detailed value-for-money assessment with government and NL Hydro.
