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With Electric Vehicles (EVs) Set for Transformational Growth, Grid Modernization Initiatives and Disruptive Technologies Will Form the Critical Elements of the EV Power and Utility Ecosystem
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Falling battery prices, stringent emission regulations, rapid increase in public charging stations and innovation in eMobility business models are all drivers for growth in the electrification of transport over the next decade. Although the overall increase in electricity consumption is lower than many people might expect, the proliferation of EVs will pose challenges for the power grid post-2030. However, the rise of EVs will also generate new revenue opportunities for the energy service companies which require a clear roadmap for the utilities to capture the value offered by the flexibility of EVs.“Impact Of Electric Vehicles On the Power Demand – A Perspective on Key Growth Markets” deliverable aims to provide a holistic overview of the electric vehicle penetration and its potential impact on the power demand. A brief analysis on what it means to the different stakeholders such as EV manufacturers, battery suppliers, power utilities and infrastructure, EV end users, regulators and external actors, EV aggregators etc. have been analyzed. Recommendations on the strategies for energy service providers and various action plans for utilities have been elucidated. The geographical scope of the study includes the US, Europe, UK, Germany, China and Japan.One of the critical industry challenges in the eMobility ecosystem includes the limited interoperability of the current charging infrastructure and the lack of standards for EV charging solutions. Also, there is a threat of overloading of local distribution transformers due to EV addition and peak load problems. With limited customer awareness programmes about the utility tax rebates and schemes, outreach programmes are the need of the hour to boost the EV adoption.With vehicle electrification, there is a huge opportunity to leverage disruptive technologies such as Vehicle 2 Grid and peer to peer blockchain trading to manage and optimize the grid. Companies that fail to embrace new technologies and business models will be left behind in this lucrative business.
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