November 13, 2019

A New Paradigm for Utilities: Electrification of the Transportation and Heating Sectors

Ryan Hledik, Ahmad Faruqui, J├╝rgen Weiss, J. Michael Hagerty, and Long Lam

The tide has shifted in the electric power industry. Over the past several years, there has been a steady stream of coal plant closures, record-setting low prices for renewables and storage, and increasingly ambitious state and city carbon-reduction goals. More recently, electric utilities have taken a leading role in reducing carbon emissions. Xcel Energy set the course with its plan to reduce emissions by 80 percent in 2030 and 100 percent in 2050 over its entire eight-state service area. Duke Energy has announced a similar goal. But adapting the supply of electricity is just the first step toward a low-carbon future. The next step is likely to be the electrification of demand from sectors aiming to achieve similarly deep carbon reductions.

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