Connect with us

Hi, what are you looking for?

Commodities & Futures

U.S. needs ‘make-ready’ infrastructure to promote electric vehicles

Commodities15 hours ago (Mar 04, 2021 04:15PM ET)

2/2

(C) Reuters. FILE PHOTO: The charging socket is seen on Ford Motor Co’s all-new electric Mustang Mach-E vehicle during a photo shoot at a studio in Warren, Michigan

2/2

By Stephanie Kelly

NEW YORK (Reuters) – U.S. utilities need to invest in so-called “make-ready” infrastructure to promote electric vehicle use, which includes wiring parking lots to support vehicle charging, company and government officials urged at the world’s largest energy conference on Thursday.

Affordability of electric vehicles will be crucial to the transition away from fossil-fuel use in transportation, they said at IHS Markit’s CERAWeek virtual conference. Though electricity is the fastest-growing energy source in the transportation sector, it is expected to power only a fraction of the sector by 2050, according to U.S. government forecasts.

If built correctly, the industry’s development could also improve power grid reliability, which could draw more consumers in, said Pasquale Romano, chief executive of ChargePoint, an electric vehicle infrastructure company.

“Where all of these distributed resources actually can provide value back to the grid – be able to capture it and provide it back to customers in a meaningful way – is likely to be one of the drivers of accelerating consumer adoption of electric vehicles,” added Badar Khan, president of utilities company National Grid (LON:NG) US.

Scaling up for the industry will also depend on the affordability of the electric vehicles themselves, and work there needs to be done, said Gil Quiniones, CEO of New York Power Authority.

“As the price points go down, and as we accelerate the charging infrastructure, the entire system rises, then the adoption across the board will also increase,” he said.

U.S. needs ‘make-ready’ infrastructure to promote electric vehicles

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like

Uncategorized

Neque porro quisquam est, qui dolorem ipsum quia dolor sit amet, consectetur, adipisci velit, sed quia non numquam eius modi tempora incidunt.

Uncategorized

Nemo enim ipsam voluptatem quia voluptas sit aspernatur aut odit aut fugit, sed quia consequuntur magni dolores eos qui ratione.

Uncategorized

Quis autem vel eum iure reprehenderit qui in ea voluptate velit esse quam nihil molestiae consequatur, vel illum qui dolorem eum.

Uncategorized

Neque porro quisquam est, qui dolorem ipsum quia dolor sit amet, consectetur, adipisci velit, sed quia non numquam eius modi tempora.

Disclaimer: Buzzclever.com it's managers and its employees (collectively "The Company") do not make any guarantee or warranty about what is advertised or above. Information provided by this website is for research purposes only and should not be considered as personalized financial or health advice. Copyright © 2021 Buzz Clever. All Rights Reserved