U.S. investor-owned utility activity in transportation electrification from July 2021 through June 2022.
Plug-in electric vehicle (EV) adoption is on the rise by nearly any measure. EV sales reached a new monthly record in March 2022, with 83,000 EVs sold, exceeding the previous monthly record by 10,000. Automakers continue to set significant electrification targets, with eight major automakers having announced plans to fully electrify their vehicle offerings, and nearly every other major automaker announcing significant electrification plans.
On the other hand, the period from July 2021 through June 2022 was relatively quiet for investor-owned utility (IOU) investment in transportation electrification (TE). The period saw just over $470 million in transportation electrification programs approved, much less than the $1.6 billion approved during the same period a year prior. Despite the low overall amount of funding, there were several noteworthy IOU program proposals and approvals. For example, Florida Power & Light had a $205 million program approved. The program includes a $100 million budget for the utility to own and operate direct current (DC) fast chargers, making it the largest approved investment in utility-owned DC fast chargers to date. Also notable were major proposed programs in Massachusetts from National Grid, which proposed $277 million, and Eversource, which proposed nearly $192 million. Using data from the Atlas EV Hub (www.atlasevhub.com), this report summarizes IOU EV investment activity from July 2021 through June 2022 and places that investment in a broader context. All utility program data from this report is from the Electric Utility Filings dashboard on the EV Hub unless otherwise noted.
