Ford Motor reshuffled executives as it moves to shift to EV production while also boosting its supply chain.
Beyond Meat discards its chief supply chain officer role after Bernie Adcock decided to leave the company.
Apple is expected to introduce bigger changes to the iPhone line in 2023, including the launch of ‘iPhone 15 Ultra’
Shinhan Bank and Naver jump into the food delivery biz to compete with the top 3 delivery brands in South Korea.
General Motors is investing in transforming its Toledo factory into a facility for building drive units for EVs.
Walmart enters Roblox to open its Walmart Land Metaverse and attract the younger generation of shoppers.
China, the US, and India are expected to bear the brunt of the damage, with costs of $10 trillion, $2.5 trillion, and $850 billion.
Kevin Sylla Discusses the Potential Pitfalls of the Over-Electrification of the Global Energy Transition
There is a lot of talk these days about the move to “electrify everything” powering the global energy transition to net-zero. What does this mean, and what are the potential pitfalls of our overreliance on electrification to achieve global net-zero emissions targets? Global energy expert, Kevin Sylla of Los Angeles, California, will look at both sides of the argument and help you decide whether the strategy to “electrify everything” is right for your business.
What Is Over-Electrification?
Kevin Sylla says the energy transition is broadly defined as the global move away from carbon-emitting fossil fuels and towards renewable sources of energy, such as solar and wind, including zero-emission transportation. The “over-electrification” of the energy transition refers to an overreliance on electricity and battery electric fuel cell vehicles to power this transition. While renewable electricity is integral to the energy transition, an over-reliance on electrification (“over-electrification”) could not only lead to higher total emissions and costs but to a growing frequency of brownouts and blackouts as electricity demand overtakes supply during peak demand periods.
Electricity demand is expected to grow as we move away from fossil fuels. This growth will have to be met by a mix of both renewable and non-renewable sources of electricity, such as natural gas and coal. However, in our quest to attain zero-emissions, if we rely too heavily on electricity, it could in reality lead to higher total emissions. Electric vehicles, for example, are often billed as low-emission because they do not produce any tailpipe carbon emissions. However, if the electricity used to charge EVs is still primarily produced from natural gas or coal, then their total overall emissions can in actuality be higher than those from a hybrid or gasoline car.
The move to electrify everything can also lead to higher costs. The upfront costs of renewable energy technologies, such as solar panels and wind turbines, are still higher than traditional fossil fuel infrastructure costs, even with current tax incentives. Moreover, the ongoing costs of operating and maintaining renewable energy infrastructure can be higher than conventional fossil fuel infrastructure. For example, solar panels must be cleaned and maintained, and wind turbines must be repaired or replaced more often than coal plants.
What Are the Benefits of Electrifying Everything?
There are a few key advantages to electrifying everything.
Electric vehicles can potentially be cheaper to operate and maintain than gasoline cars on a total lifecycle basis. This is because they have fewer moving parts and do not require oil changes or tune-ups. Electric vehicles also generate no tailpipe emissions, which can improve air quality and lower one’s carbon footprint.
Electrifying everything can lead to more efficient use of energy. For example, heat pumps are much more efficient than electric resistance heating, such as space or baseboard heaters. Heat pumps can also provide cooling in the summer, making them a more versatile option than air conditioners.
What Are the Pitfalls Over-Electrification?
There are a few disadvantages to over-electrification. The upfront costs of renewable energy technologies, such as solar panels and wind turbines, can be higher than traditional fossil fuel infrastructure. Ongoing expenses, such as maintenance and repair, can also be higher for renewable energy technologies. Battery electric vehicles also still tend to be more expensive than gas or diesel-powered cars.
In addition, Electric vehicles can generate higher overall emissions if they are charged with electricity produced from natural gas or coal. It also takes longer to charge an electric vehicle today than it does to refuel a gasoline or diesel car. The move to electrify everything can also lead to significantly higher demand on the grid. This could lead to an increasing frequency of blackouts or brownouts, especially during periods of peak electricity demand, such as on hot summer days or during cold winters.
How Can You Make the Most Out of Electrifying Everything?
If you are considering electrifying everything for your home or business, you can do a few things to ensure it is the right choice.
Choose Renewable Electricity
If you use electricity to power your home or business, make sure it comes from renewable sources. This will help to reduce emissions and keep costs down in the long run. Some options for renewable electricity include solar, wind, and hydropower.
Build and Renovate for Efficiency
If you are building a new home or renovating your existing home or business, consider making energy-efficiency improvements. This could include installing solar panels, wind turbines, improving insulation, installing double-paned windows and/or heat pumps. These energy-saving technologies can help you save money on your energy bill over the long term and reduce your environmental impact.
Charge EVs During Off-Peak Hours
Kevin Sylla says if you have an electric vehicle, try to charge your EV during off-peak hours. This will help reduce grid demand and avoid blackouts or brownouts. Blackouts and brownouts can be costly, and they can cause disruptions to your business.
Install Energy Efficiency Measures
Electrifying everything can lead to higher energy bills if you don’t take measures to improve your energy efficiency. Make sure your home or business is well insulated and that you have energy-efficient appliances and LED lighting. Consider installing motion-activated and/or occupancy-based lighting sensors to further increase energy efficiencies.
Monitor Your Usage
Keep an eye on your electricity usage to adjust your consumption as needed. This will help you to avoid high bills and unnecessary emissions.
By following these tips, you can ensure that electrifying everything works for you and helps you meet your sustainability goals.
The strategy to electrify everything has both advantages and potential pitfalls. However, by choosing renewable electricity, installing energy efficiency measures, and monitoring your usage, you can ensure that electrifying everything works for you.
This article does not necessarily reflect the opinions of the editors or management of EconoTimes
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