It is ironic that the Trump Administration's recent proposal to freeze fuel efficiency and emissions standards could, by suppressing growth in demand for electricity, actually hurt the same businesses that the administration has been trying so hard to support. While both utilities and generators should continue to factor electrification of mobility into their demand and infrastructure planning, the administration's proposal creates new uncertainty for the industry.
The ever-expanding EV market has undoubtedly created new revenue opportunities for electricity generators and utilities — and the EV market is indeed growing. One projection estimated that increased electrification of cars and trucks across the globe would drive electricity consumption upwards 300-fold by the year 2040.
To date, almost every major automaker has gone public with plans to manufacture at least one EV model by 2020.