Electrically-powered vehicles have existed for over a century—but in just the last seven years electrified transportation has undergone dramatic changes. These cars have a relatively small market share now, but sales are increasing rapidly, with significant implications for electric utilities. For utilities, electrifying mobility is one of the most promising ways to boost decreasing demand. Charging electric vehicles creates a significant demand for power, generating revenue for utilities, and when charging is managed to occur off-peak, utility fixed costs can be spread out over more sales, which would reduce pressure on rates for all customers. From becoming a trusted resource to engage with customers to investing in public charging infrastructure to offering rebates and EV-specific electricity rates, examples abound of U.S. utilities being proactive in the development of the EV market.
This report provides an overview of the EV market, explains why utilities are getting involved, and lists a wide variety of actions being taken nationwide. Read the full report here.