U.S. Utilities Look To Electric Cars As Their Savior Amid Decline In Demand
“The U.S. electricity sector is eyeing the developing electric car market as a remedy for an unprecedented decline in demand for electricity.
After decades of rising electricity demand, experts say the utility industry grossly underestimated the impact of cheap renewable energy and the surge of natural gas production. For the first time ever, the Tennessee Valley Authority is projecting a 13 percent drop in demand across the region it serves in seven states, which is the first persistent decline in the federally owned agency’s 85-year history.
Electric vehicles (EVs) only make up 1 percentof the U.S. car market, but utility companies are taking advantage of their growing popularity by investing in charging infrastructure and partnering with carmakersto offer rebates, says Quartz reporter Michael J. Coren. A report by the Rocky Mountain Institute, a non-profit clean energy research group, projects there could be almost 2.9 million electric cars on the road in the next five years…”
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