Electric vehicles (EVs) will be a major disruptor for the US electric power sector, with the number of EVs in the US projected to increase from 1.5 million in 2020 to 10–35 million by 2030. A new study released today by economists at The Brattle Group concludes that an investment in the range of $75–125 billion will be needed across the electric power sector supply chain by 2030 to serve 20 million EVs, including adding 1–2 million public chargers. While this creates a large opportunity for the electricity industry to increase sales and infrastructure investments, it also comes with new challenges that will need to be addressed.
The Brattle study notes that utilities are well-positioned to invest in a substantial portion of the infrastructure necessary to drive EV adoption and to help achieve the ambitious policy targets for transportation electrification.
Preview the report here: