Edison ramps its EV charging spending in California
When we look at any of our investment themes, we are mindful of confirming data points as well as ones that challenge their base assumptions. That is especially true with our Disruptive Technologies and Business Models investing theme. While we recognize that disruption may not play out as expected and may take hold in other industries other than what’s expected, it’s always nice to receive confirming signals. In this case, it’s regarding the adoption of electric vehicles (EV) as companies get around to addressing the charging station shortage. While it’s sort of a chicken-egg problem, the reality is given the mileage limitations people won’t shift to electric vehicles if there’s no place to charge them.
Edison International’s Southern California Edison utility is looking to spend an additional $760.1 million on expanding electric car charging networks as the state works to get more emissions-free vehicles on the road.
Edison said Tuesday that it filed a plan with state regulators to support the installation of 48,000 charging ports over four years. Southern California Edison already won $343 million from regulators to help build out the networks necessary to charge medium- and heavy-duty electric vehicles.
California Gov. Jerry Brown has made the adoption of electric cars a key part of his effort to fight climate change. This year, he outlined a $2.5-billion plan to expand a network of EV charging and hydrogen fueling stations as part of the state’s goal of getting 5 million zero-emissions cars on the road by 2030. Utilities such as Edison have hailed the rapid adoption of electric cars as a potential boon that promises to boost electricity demand.
Source: Edison wants to spend $760 million on EV charging in California
