U.S. utilities are getting set to invest US$140 billion per year in 2022 and 2023 to upgrade obsolete infrastructure, boost reliability, and get ready for the surge in demand they’ll be seeing with the rise of electric vehicles and other demands on a decarbonized grid.
“The plans propose tens of billions of dollars in spending in the coming years to reduce carbon emissions, partly in response to state and federal mandates, and to replace aging infrastructure that has become more prone to failure,” the Wall Street Journal writes, citing an estimate from the Edison Electric Institute, an industry trade group.
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The story cites climate change as a factor that has “heightened the need to simultaneously hasten the shift to carbon-free electricity sources and upgrade the grid to withstand severe weather patterns scientists link to rising temperatures.”