EV Impacts on the Grid and Consumers

According to statistics from the International Energy Agency (IEA), from 2011-2021, the number of Electric Vehicles (EVs) on the road in the U.S. increased from a mere twenty-two thousand to more than two million. While this represents less than five percent of the vehicle market today, studies predict that EVs could account for as much as forty to fifty percent of new car sales by 2030. Even using conservative estimates, this level of growth is significant and will create challenges for energy producers, grid operators, and consumers.

The pace and magnitude of investments required for EV growth in the near future and overall energy transition in the next decade are substantial. AEIC members throughout North America are responding to these challenges by leveraging government funding and incentives for upgrading the grid to meet the projected future demand for electricity to power EVs and to build out the vehicle charging network. These efforts are also supported by robust consumer education and engagement campaigns.

Hawaiian Electric

Hawaiian Electric has developed an Electrification of Transportation (EoT) Strategic Roadmap based on the foundation that renewable energy growth and electrification of transportation are complementary and the belief that greater clean energy impacts and customer value can be created by achieving both in tandem.