Connect with us

Latest News

Electric Vehicles Could Lower Power Bills For All Illinois Residents, New Study Finds

Avatar

Published

on

Reading Time: 4 minutes

 

The robust growth projected for the U.S. electric vehicle (EV) market will usher in lower electric bills for all Illinois consumers—including those who don’t own a car—if policy makers adopt key measures necessary to unleash the savings, according to an analysis released Wednesday by the Citizens Utility Board (CUB).

The research is believed to be the nation’s first analysis conducted by a consumer watchdog group into how the surging popularity of EVs on American roadways will impact electric customers and the power grid. The study, Charging Ahead: Deriving Value from Electric Vehicles for All Electricity Customers, is posted on the Research page of CitizensUtilityBoard.org.

Based on data reflecting actual electricity-usage patterns in Illinois, the study found that consumers could reap more than $2.6 billion in cumulative benefits on their power bills by 2030, if state officials establish policies that encourage motorists to charge their cars during times of the day when there is less strain on the power grid and electricity prices are at their lowest.

But if legislators and regulators don’t implement smart charging policies—and EV owners charge their cars during periods of higher power demand—they risk increased stress on the grid and higher power bills. The study’s authors estimate that anticipated EV proliferation could increase Illinois power bills by up to $856 million if nothing is done to encourage smart charging.

The report emphasizes that policy makers—not only in Illinois, but also throughout the country—will determine whether utility consumers capitalize on the savings, as EVs multiply coast to coast.

“While the EV revolution is still in its infancy, we’re already approaching a crucial crossroads in how to manage the ripple effects on our electricity costs,” said CUB Executive Director David Kolata. “This research shows that escalating EV sales could lead to lower utility bills for everyone. To ensure that we seize this opportunity for savings, the public can’t afford for their policy makers to wait.  Action is needed now to set policies that help EV owners charge their cars in a way that benefits everyone.”

The report’s recommendations constitute a policy blueprint that states should embrace in a quest to maximize the savings potential. Foremost among them is a call for states to automatically enroll EV owners in “dynamic” pricing programs, where rates vary depending on the time of day when power is consumed. These rates could apply only to the cost of powering the EV—other household usage would be billed separately according to whatever pricing plan the customer chooses—and car owners could opt-out of the program.

While electricity is most often billed under a fixed rate that rarely changes, dynamic prices fluctuate over the course of the day, as the total volume of demand on the system swells and dips. By funneling EV owners into dynamic plans on an opt-out basis—they could unsubscribe at any time—utilities can ensure the grid digests added demand from EVs without necessitating new expenditures on increased generation capacity or enhanced transmission and distribution infrastructure.  EV owners, meanwhile, would benefit from electricity priced far lower than the regular fixed rate.

The report specifically advocates for automatically enrolling EV owners in a “Time of Use” (TOU) pricing program. A TOU plan would charge different rates for different blocs of time during the day, allowing EV owners to plan their charging when the price is lowest.

“We think TOU rate plans are one of the most practical forms of dynamic pricing, but there are many others,” Kolata said. “The key point for policy makers is that we can harness money-saving power from EVs if we provide car owners with pricing plans that encourage them to charge their cars overnight when the grid is brimming with unused and extremely cheap electricity.”

In a separate analysis of 2016 and 2017 data, CUB found that EV owners on one dynamic pricing plan could cut their electricity supply costs by more than 50 percent.

There are about 15,000 EVs in Illinois today, but the new study projects that number could surge to at least 690,000 by 2030—and it could catapult to as high as 2.2 million if the state embarks on an aggressive effort to reduce carbon emissions during the same time period. Such efforts have been discussed in the nation’s capital as well as the Illinois Legislature, which is now considering a measure, the Clean Energy Jobs Act, that would promote EV growth in Illinois.

Those sales estimates formed the basis for the utility bill savings that the report attributed to EVs. The estimated $2.6 billion in total benefits reflect three different factors:

  • $2 billion in lower costs for energy consumption.
  • $124 million in lower costs for investments in “capacity.” (Capacity refers to long-term purchase agreements a utility makes to ensure there is enough power available to meet future projected demand.)
  • $536 million in additional utility revenue, allowing rate reductions of up to 12 percent.

“Electric vehicles produce many rewards for the public at large, including a reduction in pollution from autos and diminishing dependence on foreign oil,” Kolata said. “Our analysis shows that EVs not only allow drivers to charge a car at a much lower cost than to fill at the pump, but they also have the potential to keep a lid on electric bills for all consumers.”

CUB is celebrating its 35th anniversary as Illinois’ leading nonprofit utility watchdog. Created by the Illinois Legislature, CUB opened its doors in 1984 to represent the interests of residential and small-business utility customers. Since then, it has saved consumers more than $20 billion by helping to block rate hikes and secure refunds. For more information, call CUB, 1-800-669-5556, or visit CitizensUtilityBoard.org.

SOURCE Citizens Utility Board

Blockchain

Leading Decentralized Investment Banking Group – Coinstreet Partners, Awarded Asia Futurist Leadership Award

Vlad Poptamas

Published

on

From left : Prof. Spencer Li - Independent Director of Coinstreet Partners, Ms. Eva Law - Founder and Chairman of the Association of Family Offices in Asia, Mr. Samson Lee - Founder and CEO of Coinstreet Partners, Mr. Chan Heng Fai - Chairman of Coinstreet Partners; at the Asia Futurist Leadership Award Gala.

 

The Asia Futurist Leadership Award in the category of High Flyer Award – Outstanding Deal Originator In Asia was awarded to Coinstreet Partners by the Association of Family Offices in Asia, the Association of Private Bankers in Greater China and the Women In Leadership Association at the Asia Futurist Leadership Summit, held in Hong Kong during International Financial Week.

Asia Futurist Leadership Awards (AFLA) recognize family offices, family enterprises, industry professionals, private banks, institutions, funds and new ventures around the world that are creating a positive environment, promoting sustainability and making social impact, ultimately contributing to the creation of a better world.

The Association of Family Offices in Asia, principal organizer of AFLA, is a professional society that distinctively connects single, multi and virtual family offices as well as the industry societies in the region. It currently has more than 9000 institutional associates and hundreds of single and multi-family office members, with investment net worth typically over USD50 million.

“Digital assets are one of the transformative forces shaping the new face of the financial service industry and the economy as a whole. We would like to see more prudent players and regulation to ensure this development heads in the right direction,” said Ms. Eva Law, Founder and Chairman of the Association of Family Offices in Asia. “We are very pleased to see Coinstreet Partners win this award and look forward to their continuous effort to make digital assets widely available, and bring value to investors and to economic development.”

“Congratulations to Coinstreet for winning the Asia Futurist Leadership High Flyer Award, it recognizes them as an outstanding deal originator in Asia, and their vision to crossover Finance, Media and Technology is an exciting future trend,.” said Ms. Mercedes Ho, Executive Director of Forbes Global Allianceand the presenter of the award.

Coinstreet is a leading decentralized investment banking group and consultancy firm in the F.M.T. (Finance, Media & Tech) field, providing a business eco-system for the new era of digital economy. Coinstreet focuses on five business segments: Token Finance Consultancy, Digital Asset & Wealth Management, PR Media & Investor Relations, Digital Asset Tokenization & Trading Platform, and Decentralized Finance & DLT Solutions.

“The Association of Family Offices in Asia is a highly respectable organization in traditional investment communities,” said Mr. Samson Lee, Founder and CEO of Coinstreet Partners. “We are very honored to be the recipient of the Asia Futurist Leadership Award. It represents a significant recognition of our efforts and vision of the convergence between the traditional financial eco-system and the digital assets system.”

According to a survey from the World Economic Forum, around 10% of global GDP will be tokenized and stored on Blockchain by 2027. Coinstreet serves clients with tokenization needs ranging from stablecoins, real estate, financial services, technology, biotech, healthcare, telecommunications, energy, manufacturing, hotel, hospitality, lifestyle, gaming, media and entertainment sectors. Significant growth in the number of high-quality STO projects and global expansion of investor communities is expected, as adaption of this new corporate finance model gains popularity globally.

 

SOURCE Coinstreet Partners

Continue Reading

Blockchain

Monerium and Algorand enter partnership to issue e-money on the Algorand protocol

Vlad Poptamas

Published

on

Photo source: effectivecooperation.org

 

Monerium (https://www.monerium.com/), the world’s first authorized provider of licensed e-money for blockchains, and Algorand Inc. (https://www.algorand.com/), the world’s first open source, permissionless, pure proof-of-stake blockchain protocol, announce a non-exclusive partnership to support the Algorand protocol in 2020 with Monerium’s fully programmable and redeemable e-money.

Mainstream adoption of blockchains requires a reliable form of digital cash on-chain. Since receiving its e-money license in June 2019, Monerium has announced several B2B use cases for e-money, including a cross-border transaction in euros. Monerium now supports e-money across the EU, IcelandNorway and Liechtenstein in US Dollars, Euros, British Pounds, and Icelandic krona.

Algorand recently benefited from a significant upgrade, Algorand 2.0, which includes a number of features that enable sophisticated exchanges such as account quarantine, whitelist models, flexible asset reserve models and more.

“We look forward to supporting the Algorand protocol. Algorand incorporates key features for many mainstream use-cases, including stateless smart contracts and scaleable proof-of-stake consensus. The Algorand leadership has taken a pragmatic and deliberate approach in designing a blockchain for mainstream applications while staying close to the ethos of the open source community” states Sveinn Valfells, co-founder and CEO of Monerium. “Supporting new blockchains with mainstream relevance is a priority for Monerium.”

“Monerium and Algorand have a shared vision for real-world use cases that are enabled by advanced blockchain technology,” said W. Sean Ford, COO of Algorand, Inc. “We are thrilled that Monerium will be bringing their solution for e-money to Algorand and we look forward to our community’s ability to leverage the technology for straightforward regulatory compliance.”

 

SOURCE Algorand Foundation

Continue Reading

Blockchain

Kadena Launches Public Chain with Smart Contract Transactions, Completing Industry’s First Hybrid Blockchain

Vlad Poptamas

Published

on

 

Kadena, the first blockchain technology company to come out of JP Morgan’s Blockchain Center for Excellence, has announced the full launch of its public blockchain. Kadena’s public blockchain is first to market as a sharded Proof of Work Layer 1 network. Following the start of genesis mining in October 2019, Kadena has surpassed having two million blocks mined at hash rates as high as 40 TH/S. Today’s launch includes full transactions and the ability to write smart contracts. The latest functionalities of the network complete Kadena’s hybrid blockchain platform. Kadena is already delivering interoperability, scalability, and security across industries including financehealthcare, and insurance.

The hybrid blockchain supports interoperability using Pact, Kadena’s open-source, Turing-incomplete smart contract language with Formal Verification. The simple smart contract language is powerful enough to code complex contracts and execute multi-party transactions. Enterprises and developers alike will find that applications once considered too difficult to build are now achievable with Kadena. Removing the complexity and vulnerability of other smart contract languages, Pact advances secure and legible transactions.

“Despite blockchain having immense potential, our experience building JP Morgan’s first blockchain showed us its limitations,” said Founder and President Stuart Popejoy. “Launching a fully functional hybrid blockchain which seamlessly integrates a public chain with a private network is a significant step forward in reimagining what applications can do on-chain.”

Kadena’s public blockchain functions through a braided, parallelized Proof of Work consensus mechanism, the only protocol that has been validated in the market. The architecture enhances throughput and scalability while preserving the reliability of Bitcoin. Kadena Kuro, the platform’s next-generation private blockchain, overcomes the challenges of security, scalability, and speed found in existing blockchains such as Ethereum.

“We’ve solved the scaling challenges of Bitcoin with parallel Proof of Work chains while addressing the security issues of Ethereum with Pact,” said Founder and CEO Will Martino. “Today’s launch of our public blockchain with smart contract transactions, which completes our hybrid platform, advances mainstream adoption. We’re excited to see how Kadena’s blockchain will empower entrepreneurs and enterprises to bring in Economics 2.0.”

The launch comes after Kadena completed a year full of milestones in 2019, including the news that next-generation blockchain networks such as Cosmos and Polkadot are looking to implement the Pact smart contract language. Businesses exploring deployment of applications on blockchain were able to utilize the speed and security of Kadena Kuro when it got listed on AWS Marketplace and Azure Marketplace with free community editions.

 

SOURCE Kadena

Continue Reading

Trending

TheBlockchainExaminer is part of PICANTE Media and Events, a leading media and boutique event organizer in the European Union with a monthly reach of +50,000 readers. The official company (PROSHIRT SRL), has been listed for 4 years in a row among the top 3 Advertising and market research agencies in the local Top Business Romania Microcompanies based on the Financial Reports. TheBlockchainExaminer digests / hand picks the latest news about the blockchain industry and serves them to you daily.

Contact us: sales@picante.today

Editorial / PR Submissions

© TheBlockchainExaminer.com 2019 - 2020 - part of PICANTE Media. All rights reserved. Registered in Romania under Proshirt SRL, Company number: 2134306, EU VAT ID: RO21343605. Office address: Blvd. 1 Decembrie 1918 nr.5, Targu Mures, Romania