FEBRUARY 5, 2023 | THE WALL STREET JOURNAL
Thomas Baker, Managing Director & Partner of BCG, shares in The Wall Street Journal how American utility companies must invest in enhancing their power grids to accommodate the increase in electric vehicle (EV) adoption. As per a BCG research, EV charging necessitates a 70% to 130% augmentation in the transmitting capacity of the wires and transformers that supply power to households with EVs. Baker predicts that upgrading the grid network to cater to this demand could cost up to $10 billion nationwide until 2030. Although EV users will generate new revenue streams for utility companies, Baker believes it will be insufficient to finance the crucial grid upgrades required locally.
