As more customers generate their own power from renewable sources, utilities have seen much of their business slow down. Michael J. Coren reports (via Quartz) that "utilities scrambling to reinvent themselves are turning to electric vehicles… Bloomberg estimates that electrifying the US light-duty fleet would add 774 terrawatt hours of demand to the grid, nearly the same as the entire US industrial sector today. Globally, EVs are expected to drive electricity consumption up 300-fold by 2040."
With the rise of electric vehicles, it's reported that "utilities can now take billions of dollars in the transportation sector away from the fossil fuel industry. Politics, technology and economics are aligning to help them do that." Max Baumhefner of the environmental group Natural Resources Defense Council says that utilities "all want to eat the oil industry's lunch… [and] we're happy to show them the way to the buffet."