An attendee looks at a charging cable at the EV Trend Korea 2018 exhibition in Seoul, South Korea. (Photographer: SeongJoon Cho/Bloomberg)  

Electric Cars Are Going to Suck Up 9% of World's Power Demand

(Bloomberg) -- With batteries getting cheaper and governments promoting their use, electric vehicles are going to be sucking up a whole lot more of the world’s power in coming years.

How much? About 9 percent of total global electricity demand by 2050 will come from vehicles, according to a report Tuesday by Bloomberg New Energy Finance. That’s up from about 0.2 percent now. In some places it will be even higher, like Germany, where the London-based research company expects as much as 24 percent.

That growth is driven by battery prices that are expected to fall by two-thirds by 2030, as well as new time-of-use rate policies from utilities that encourage consumers to charge their cars when demand is low and power is cheap, according to BNEF.

For more, listen to this mini-podcast on the BNEF report.

“Prices have come down faster than we expected,” Salim Morsy, a New York-based analyst at Bloomberg New Energy Finance, said in an interview. “Lower battery prices unlock more EVs.”

©2018 Bloomberg L.P.

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