Canadian utility operators and their customers take note. Adoption of more electric vehicles is helping to reduce electricity rates in California, according to a recent study by Synapse Energy Economics, an Environmental consulting firm based in Massachusetts. The report, entitled Electric Vehicles Are Driving Rates Down, looked at three California utility companies that served more than 735,000 households with EVs. When looking at the costs of providing electricity to those vehicles, compared with the revenue generated by them, the results showed that between 2012 and 2021, the utilities made $1.7 billion in excess profit. According to the report, which was funded in part by the Natural Resources Defense Council, because there are caps on the amount of revenue that utilities are allowed to generate in the Golden State, all that extra money cannot end up in the pockets of the utility companies, but instead is returned to customers in the form of reduced rates. Read original article here.
