As the number of electric vehicles rises in major economies, the need to recharge may put undue pressure on residential power grids—eventually leading to widespread power outages
Members of the Energy and Transportation Practices at Oliver Wyman
That means more and more EVs in urban and suburban neighborhoods worldwide could be plugging in daily to recharge. Most electrical distribution networks are simply not ready to provide the additional load — especially during peak evening hours when many EV owners are likely to plug in to recharge their cars.
These estimates are based on the “average” community. For many years, the new demand generated by EVs will be uneven, with high- and medium-density residential parts of the distribution grid seeing the first pickup. For communities where there is a heavy preponderance of EVs, challenges to the distribution grid may arise much sooner.
Networks last for up to 50 years, during which much can change to turn these investments into stranded assets unless carefully thought through. Given that costs are usually passed along, consumers will be the ones paying for any mistakes made.But there are incremental options to consider that don’t require substantial commitments of funds. Encouraging car park EV charging and en route rapid charging may mean that people would not need to charge at home.
Adding to the confusion, the EV charging market is still nascent, with numerous business models competing for supremacy. Already automotive manufacturers, energy suppliers, technology players, and international oil companies are involved, adding another layer of complexity as individual players steer the market in different directions. Any major oil company with service stations has the capital to deploy a network of rapid charging stations and influence customer behavior.
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