Rechercher dans ce blog

Tuesday, November 7, 2023

Soaring electric bills fuel mounting anger at utilities in Maine and nationwide - Yahoo Finance

mivo.indah.link

SACO, Maine - Last December, Ellen McCurley was settling into a calm new life, savoring sunsets from the porch of a modest riverfront home with her dogs Sadie and Maisie, when a notice from the electric company turned it all upside down.

It was a nearly $1,000 bill from Central Maine Power, more than quadruple what she paid the month before. And the bills kept soaring, topping out at $1,200 by the end of March. She was sure it was a mistake but couldn't get the company to reduce the charges.

Subscribe to The Post Most newsletter for the most important and interesting stories from The Washington Post.

"I would call them and say: 'This is not possible. Can you help me solve this?'" recalled the 64-year-old social worker, who shared copies of her bills with The Washington Post. "I felt like I was going crazy."

So McCurley began working to drive her power company out of business, joining a burgeoning national movement of consumers frustrated with power companies that they feel are unaccountable to ratepayers, and that have taken center stage in disasters such as this summer's devastating wildfires in Maui.

The epicenter of the resistance is in Maine, where voters - who have wrangled with outages, billing mishaps and some of the highest electricity prices in the country - are joining a campaign to replace the state's investor-owned electricity companies with a nonprofit utility. The campaign has drawn a coalition of the frustrated that cuts across ideological lines, including fed-up ratepayers and climate activists accusing the utilities of slow-walking the transition away from fossil fuels.

A ballot measure Mainers will decide on Tuesday calls for a hostile takeover of sorts, creating a nonprofit company called Pine Tree Power that would seize control of the state's electricity grid from Central Maine Power and Versant Power, the subsidiaries of multinational corporations that now own it. The shoestring campaign is an existential threat to the industry, moving the Maine utilities to spend more than $35 million blitzing ratepayers with ads warning that the measure threatens to create massive public debt, unending legal fights and soaring bills for customers.

"The burden of that debt would be enormous," said Willy Ritch, executive director of Maine Affordable Energy, a political action committee funded almost entirely by Central Maine Power's parent company, Avangrid. Central Maine Power spokesman Jonathan Breed argued that the company has resolved billing and customers service problems that earned it millions of dollars in fines from the state, and that the challenging topography of Maine accounts for the high number of outages. Breed said the company could not respond to the specific complaints of McCurley and other customers interviewed by The Post for privacy reasons.

Yet all the spending on advertising disparaging the ballot measure is giving customers one more grievance with firms they say should be investing the money in bringing them better service. Pine Tree Power supporters are working with a meager $1 million budget but some high profile support, including the Sierra Club, Sen. Bernie Sanders (I-Vt.) and environmentalist icon Bill McKibben.

However things play out on Election Day, the Maine campaign is a sign of what utilities nationwide increasingly face as consumer frustration boils over. The companies are under more stress than at any time in recent memory, forced to respond to a confluence of events that demand nimble action while operating under a dated financial and regulatory model.

Extreme weather events are creating unprecedented reliability and public safety risks. The push to power cars and - in many parts of the country - all major home appliances with electricity is creating huge new demand. Spiking energy prices have sent rates in many parts of the country spiraling up.

And consolidation in the energy industry has left the impression among many ratepayers that their local utility - long considered part of the community fabric - has become overly focused on drawing profits for out-of-state investors.

"We are in a challenging time, and that is putting strains on the relationship between utilities and their customers not seen in decades," said Michael Wara, an energy scholar at Stanford University.

As challenges mount, interest in taking utilities out of corporate control is growing. In California, state leaders had mulled a takeover of Pacific Gas and Electric after deadly wildfires pushed the company into bankruptcy. Hawaiian Electric, facing scrutiny of its equipment's role after the Maui wildfires this summer, finds itself targeted by activists for dissolution.

A flash point in the debate is the way corporate utilities make their profits, collecting hefty interest payments from ratepayers on the big power grid projects the companies bankroll. Pine Tree Power proponents say a public utility can save ratepayers billions on such investments, as its goal would be financing projects as cheaply as possible rather than generating profits for shareholders.

"If these utilities were run by the government, at least there would be some responsiveness," said Gerald Singleton, a California attorney whose firm has represented 15,000 plaintiffs in wildfire lawsuits against utilities. "If you don't like how it is being run, you can vote the people in charge out. With investor-owned utilities you are just stuck."

But putting the government in charge can bring its own set of problems.

Publicly owned utilities are "not a panacea," said Severin Borenstein, director of the Energy Institute at the University of California at Berkeley's Haas School of Business. "They might be better in many cases, but it is easy to oversell them with the idea that the power company will finally operate in the public interest if it is just owned by the public. People who think that have never been to the DMV or dealt with the Social Security office."

Publicly owned utilities are not a new idea. They are operating in 2,000 communities, providing electricity to 49 million people, according to the American Public Power Association. But they are generally small outfits, serving a city or county as opposed to an entire state. An exception is Nebraska, where there have not been any investor-owned utilities since 1946.

Many public utilities are ranked higher in providing customer service and offer lower rates than comparable investor-owned utilities. But there have also been epic failures, such as in Puerto Rico, where years of mismanagement left ratepayers with an unstable grid and inflated rates before the utility went bankrupt in 2017.

The proposal in Maine would replace Central Maine Power and Versant with a nonprofit run by a board of seven elected members and six other people they select. Pine Tree Power would take control of the state's power grid, buying out the existing utilities. It would be a messy and litigious process, and there is heated dispute over the price tag, with the exiting power companies warning ratepayers it would cost more than $13 billion but other analysts saying it would be far less.

It took the community of Sacramento more than 20 years from the time voters chose to break away from Pacific Gas and Electric until the courts finally gave the plan the green light in 1946. Kicking out a corporate utility has only become more complicated since then.

Gov. Janet Mills, a Democrat, is urging voters to reject the Maine proposal, warning that enmeshing the state in a decades-long battle over control of utility poles and transmission lines would be a costly mistake. The International Brotherhood of Electrical Workers is also working against the measure. Central Maine Power and Versant, for their part, charge that the Pine Tree Power campaign is overpromising, noting that the primary reason electricity prices are so high in Maine is because the cost of power generation has spiked, and the utilities have no control over that. Under Maine law, utilities are prohibited from controlling generation, which is managed through contracts negotiated by the state.

"The last thing we should be doing is trying to force an acquisition by eminent domain to buy something that, once we buy, we don't know how to run," said Fred Forsely, the chief executive of Shipyard Brewing Co. and a public face of the opposition campaign. The sentiment is shared by the owner of another well-known business in Portland, DiMillo's on the Water, which for decades has served tourists lobsters in a former 206-foot-long car ferry converted to a restaurant. "I never look at government to fix something for us," said Steven DiMillo, who manages the business.

Yet a growing number of Mainers appear to have an equally low opinion of their power companies. Among them is Brian Johnson, a retiree in Harpswell who worked as a utility industry consultant for decades.

Johnson is cleareyed about the risks of a Pine Tree Power takeover. But after 17 power outages at his home over the course of a year and explanations from Central Maine Power that he found unconvincing, Johnson began investigating how the firm is spending its profits. He decided ratepayers would be better off if the company were out of the equation.

"Senior management in many of these companies has lost touch with local communities," Johnson said. "This has them scared, and for good reason."

Related Content

Malaria's deadly reach is growing

The 'new' Beatles song is perfectly fine. Which is not good enough.

Trump Jr. testifies, deflects responsibility in N.Y. business-fraud case

Adblock test (Why?)



"electric" - Google News
November 05, 2023 at 05:19AM
https://ift.tt/qVJ6ECo

Soaring electric bills fuel mounting anger at utilities in Maine and nationwide - Yahoo Finance
"electric" - Google News
https://ift.tt/Q35ypWd
https://ift.tt/i4Mfp7v

Monday, November 6, 2023

This Israeli company is building a road that charges electric vehicles in Detroit - Yahoo Finance

mivo.indah.link

Wireless electric road charging has long been hailed as a potential holy grail for widespread electric vehicle adoption.

Later this year, the technology will get its first real test in the US, when Israeli company Electreon and the state of Michigan unveil a 1-mile stretch of road in Detroit that will allow drivers to charge on the go, marking the first public deployment in the country.

"You can go longer range," said Stefan Tongur, vice president of business development at Electreon US. "You don't need to have a huge battery, which drives costs down, and it makes it easier for the grid. At the end of the day, if we want to reach a high level of [EV] adoption, ... charging is the main barrier."

A bus charging wirelessly on a road equipped to charge electric vehicles in Balingen, Germany. (Electreon)
A bus charging wirelessly on a road equipped to charge electric vehicles in Balingen, Germany. (Electreon)

Electreon’s technology, known as dynamic charging, works similarly to the wireless pads that charge your smartphone. It embeds copper coils that are connected directly to the power grid into the pavement. Vehicles are equipped with receiver plates installed under the car or truck, so the charge passes through to the battery every time that vehicle drives over electrified roads.

It’s all operated remotely through Electreon’s software and servers. That means Electreon can dial down the charge when the power grid is stretched and dial up the power when there's more capacity.

"As a vehicle has a small battery on board, it doesn't really matter whether it charges in this mile or the next mile, but that could mean everything to the utility," said Regan Zane, director of Utah State University’s Center for Advancing Sustainability through Powered Infrastructure for Roadway Electrification (ASPIRE), where Electreon has been testing its technology. "Having that flexible resource could be a game-changing solution for the utility."

EV charging, range anxiety a critical factor

The deployment of dynamic charging in the US comes as charging infrastructure and range anxiety continue to slow EV adoption in the country.

While electric vehicle sales volume hit another record in the third quarter, accounting for 7.9% of total industry sales, according to Cox Automotive, drivers continue to express hesitation about the lack of chargers in place.

In a recent Yahoo Finance-Ipsos poll, 77% of people surveyed said a lack of charging stations on the road or charging at home would discourage them from going electric.

Another factor is that roughly 30% of chargers aren’t working at any given moment, according to Akshay Singh, industrial and automotive principal at PwC.

"They’re not reliable — that’s a big, big factor," said Singh. "The problem is that if you look at a lot of the [charging] companies, they don’t have a robust maintenance program in place."

Singh added that high capital costs tied to electric vehicle chargers have also slowed deployment, with a 350-kilowatt charger costing "upwards" of $250,000. Charge point operators need 15% to 20% utilization just to break even, he said.

PwC estimates the EV charging market would need to grow five-fold to $40 billion in order to meet the demand that would come with 50% adoption in the US.

Cost hurdles continue for wireless EV charging

Dynamic charging technology has already been deployed in nearly half a dozen countries. Sweden has led the way, with public buses and trucks already charging on the go along a short stretch of highway on the island of Gotland. Electreon’s technology has also been deployed in Israel, Germany, and Italy. In October, the company announced it had signed a memorandum of understanding with the government of China’s Shandong Province to integrate Electreon’s technology in the world’s largest EV market.

Dynamic charging in Detroit is being deployed in partnership with Ford (F), and the project is scheduled to be completed by the end of the year, according to the Michigan Department of Transportation.

Congress is also betting on the technology with a bill that proposes setting aside $250 million in grants for wireless EV charging initiatives.

While dynamic charging may finally be generating interest globally, the price to implement the technology — a cost of $1.2 million per mile — remains a hurdle.

Challenging economics contributed to Qualcomm Technologies (QCOM) selling its Halo wireless EV charging business back in 2019 as well as Bombardier (BDRBF) selling its EV charging systems business, along with its entire transportation business to Alstom in 2021.

Aside from Electreon, Renault and Swedish trucking giant Scania AB have continued with their own developments of dynamic charging.

Tongur sees a patchwork approach to charging in the medium term, with in-road charging playing a role within a larger infrastructure.

"I think having a shared charging platform that can charge any type of vehicle, not just trucks, ... makes the greatest sense for us to meet the electrification demand that will come and that is coming," Tongur said. "That's why we need to start thinking and doing stuff right now."

Yahoo Finance Next
Yahoo Finance Next

For more on our NEXT Series, click here, and tune in to Yahoo Finance every Monday at 10 a.m. ET.

Akiko Fujita is an anchor and reporter for Yahoo Finance. Follow her on Twitter @AkikoFujita.

Click here for the latest technology news that will impact the stock market.

Read the latest financial and business news from Yahoo Finance

Adblock test (Why?)



"electric" - Google News
November 06, 2023 at 10:01PM
https://ift.tt/kFMjVET

This Israeli company is building a road that charges electric vehicles in Detroit - Yahoo Finance
"electric" - Google News
https://ift.tt/mCYy2ve
https://ift.tt/cM061jT

Featured Post

Quarterly sales of electric cars break records in several key markets amid energy crisis - IEA – International Energy Agency

mivo.indah.link [unable to retrieve full-text content] Quarterly sales of electric cars break records in several key markets amid energy cr...

Popular Posts