EVs will be one of the best growth opportunities for electric utilities in decades:
The increasing popularity of electric vehicles doesn’t threaten the U.S. power grid, American Electric Power CEO Nick Akins told CNBC’s Jim Cramer on Friday.
Source: ‘We could handle it right now’ — AEP chief says U.S. power grid can sustain influx of EVs
Electric utilities normally see growth, mostly, from population increases, new home and business construction – plus changes in demand (people buying stuff that increases electricity usage).
Mostly, its a long, slow, steady growth business. EVs change all that!
Interesting observation – many utilities are building out new generation capacity by adding renewable or carbon free sources, to meet the increase demand. Older generation will be kept for when renewables are not able to keep up (cloudy days a la solar, windless days a la wind….)