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

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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

OKX Proof of Reserves Ranked Highest Quality Among Major Exchanges as 11th Consecutive Monthly Reserves Report is Published

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OKX, a leading global Web3 technology company and crypto exchange, has published its industry-best 11th consecutive monthly Proof of Reserves (PoR), showing balances of USD$11.2 billion in primary assets, as its PoR was given the highest quality rating among major exchanges.

OKX’s latest PoR comes days after Castle Island Ventures partner and blockchain and Proof of Reserves expert Nic Carter ranked OKX highest of all major centralized exchanges on its quality of Proof of Reserves. In his ranking, he cited OKX’s credibility, knowledge of leadership, demonstrated commitment to transparency and overall PoR quality as reasons for his positive assessment.

OKX’s PoR covers 22 commonly used digital assets and shows that OKX has maintained a reserve ratio exceeding 100% for 11 consecutive months across all those assets. In addition to BTC, ETH and USDT, the assets included are: USDC, XRP, DOGE, SOL, OKB, APT, DASH, DOT, ELF, EOS, ETC, FIL, LINK, LTC, OKT, PEOPLE, TON, TRX and UNI.

OKX’s current reserve ratios are as follows:

  • BTC: 102%
  • ETH: 103%
  • USDT: 102%

OKX Global Chief Commercial Officer Lennix Lai said: “With our 11th consecutive Proof of Reserves report, we are reaffirming our unwavering commitment to greater transparency and trust within the crypto industry. At OKX, we believe that integrity is the cornerstone of our success, and our PoR stands as a testament to our dedication to safeguarding user assets. As we approach a full calendar year of consecutive PoR releases, we have never been more committed to continuing to raise the bar for transparency in our sector.”

In August, OKX conducted two Twitter surveys to measure the sentiment of the online community with regards to the importance of PoR and transparency. Poll results showed that 84% of respondents say monthly PoR reports are either ‘somewhat important’ or ‘very important‘ and 88% state that transparency is either ‘somewhat important’ or ‘very important’ when choosing which crypto platform to trust.

OKX has seen hundreds of thousands of users engage with its PoR, visit its PoR page and view their self-audits since first launching its PoR page in late 2022. The open-source verification tool allows users to independently verify OKX’s solvency and confirm their assets are backed by OKX reserves while maintaining their privacy.

OKX has published over 210,000 addresses for its PoR program, and will continue to allow the public to view its asset flows.

Users can view the latest PoR report, reserve ratios, and verify OKX’s solvency here.

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Blockchain

ACX’s technology to power Indonesia Carbon Exchange

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ACX (AirCarbon Exchange), operating its proprietary regulated environmental asset trading platform, is the technology provider for Indonesia’s carbon exchange hosted and operated by the Indonesia Stock Exchange (IDX) after a competitive Request for Proposal process.

Launched on 26th September 2023, with its first carbon trades, Indonesia’s official carbon exchange, IDXCarbon, will play a vital role in reducing Indonesia’s carbon emissions and driving Indonesia’s transition to reach net zero emissions by 2060.

“With ACX support, IDXCarbon has reached a key milestone towards achieving net zero emission in 2060 or sooner. We anticipate a thriving and enduring collaboration with ACX that will continue to drive innovation and success, as the Indonesian carbon market develops.” said Iman Rachman, President Director of IDX

IDXCarbon has been customised by ACX to meet the country’s unique requirements, as well as aligned with Indonesian institutions, including the National Registry System for Climate Change Control (SRN-PPI). This will ensure the exchange is compliant with Indonesia’s standards and procedures, as well as the requirements recently established by the OJK, the country’s financial services authority. ACX provides a complete end-to-end solution that utilises blockchain technology to ensure the transparency and auditability of all trades transacted on the exchange. With that, the exchange will play a central role and promote transparency, accountability, and efficiency in the Indonesian carbon market.

“We are honoured to be the technology provider for Indonesia’s carbon exchange and to contribute towards the country’s vision of a fair and inclusive carbon ecosystem,” said Thomas McMahon, co-CEO and co-Founder of ACX. “Our end-to-end solution will enable the exchange to provide comprehensive services. This will make it easier for companies to access and participate in the carbon market, ultimately driving down Indonesia’s carbon emissions and contributing to global sustainability efforts.”

Hum Wei Mei, Head of APAC and Global Head of Environmental Products, said: “Indonesia has a critical role to play in international climate action while IDXCarbon is at the heart of ensuring that Indonesia’s carbon market progresses as envisioned. As the technology provider to IDXCarbon, ACX is committed to working closely with IDX to implement a highly customised, iconic and state-of-the-art carbon exchange which will act as critical supporting infrastructure for Indonesia’s long-term plans & interests in emissions trading, carbon markets & climate action.”

With a global footprint covering Asia, the Middle EastEurope, North and South America, ACX has demonstrated itself to be a leading technology provider with a proven track record of designing and implementing carbon trading system worldwide, leveraging the company’s expertise and experience to ensure a robust and reliable platform for trading environmental assets.

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Blockchain

Nex News Network Launches World’s First Blockchain-Integrated Web3 and Metaverse News Platform

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Nex News Network, the pioneering media organization, is proud to announce the launch of its groundbreaking platform, revolutionizing the way news and media are consumed. This year marks a momentous milestone as Nex News Network becomes the world’s first-ever blockchain integrated, Web3, and Metaverse news and media platform. With a fusion of cutting-edge technology and visionary media strategies, Nex News Network is set to redefine the media landscape.

 

A New Era in Media Industry: Nex News Network’s Unique Offering

Nex News Network has embarked on an extraordinary journey to bring the future of media to the present. As a trailblazer in the industry, the platform integrates blockchain technology, Web3, and Metaverse, delivering an unparalleled experience to users. This year, Nex News Network establishes itself as the vanguard in news and media, providing a platform that seamlessly connects diverse sources of information, making them accessible from anywhere, on any device.

 

Innovative Media Revolution

Nex News Network introduces a unique animation concept that transforms the traditional news and media industry. With this innovation, the animation seamlessly integrates with media and news content, sparking a revolutionary shift in how information is consumed. This innovation not only redefines the media industry but also catalyzes a new era of interaction, engagement, and understanding.

 

Empowering Users and Advertisers

Nex News Network brings a new dimension to user experience by creating an integrated platform that caters to a diverse range of interests and categories. Users can explore validated blockchain content, industry news, directories, event information, technology updates, and more. For advertisers, Nex News Network offers direct access to their target audience, bypassing intermediaries and providing real-time performance data for smarter decision-making.

With its focus on blockchain integration, Web3, and Metaverse, Nex News Network embraces the future of digital content. The Metaverse, an advanced digital realm, complements the platform, creating immersive experiences through augmented reality (AR), virtual reality (VR), and artificial intelligence (AI). Nex News Network pioneers the way for this interconnected digital world, offering users a new dimension of engagement and exploration.

 

A Call to the Future

Nex News Network is poised to reshape the media industry by introducing blockchain integration, Web3, and Metaverse technology. Through its visionary leadership, dedication to user experience, and commitment to innovation, Nex News Network is laying the foundation for a new era in news and media consumption. As the world’s first blockchain-integrated Web3, and Metaverse news platform, Nex News Network stands ready to redefine the media landscape.

 

Setting the Stage with NexNews Network – A New Era in Media Consumption and Engagement

NexNews Network pioneers a transformative approach to media consumption, driven by innovation and led by a dedicated team. With a focus on user experience, NexNews Network creates a dynamic space where users can seamlessly access news and media sources from various categories, transcending traditional boundaries.

 

Visionary Leadership – Founder Aakash Jugraj and the Power of Innovation

Under the visionary leadership of Aakash Jugraj, NexNews Network has positioned itself as a trailblazer in the industry. Backed by the reputable Shivaksh Media Group of Companies, the platform represents a fusion of expertise and innovation that sets a new benchmark for media excellence.

 

Founder Aakash Jugraj – A Driving Force for Media Innovation

At the helm of NexNews Network is Founder Aakash Jugraj, a visionary entrepreneur with a deep-rooted commitment to revolutionizing the media landscape. His forward-thinking approach has driven the platform’s mission to redefine publication creation, distribution, and consumption using Web3, Blockchain & Metaverse technologies.of Companies.

Aakash Jugraj, the driving force behind NexNews Network, envisions a media ecosystem that champions transparency, authenticity, and user-centric experiences. His vision aligns seamlessly with the ethos of Shivaksh Media Group of Companies, creating a formidable alliance for media innovation.

 

Continuous Industry Evolution: NexNews Network’s Transformative Role

NexNews Network signifies a departure from traditional media models, offering a continuous industry experience that transcends conventional boundaries. The platform’s transformative capabilities make it a pioneering force in providing a new-age media ecosystem that empowers users with unparalleled access and engagement.

 

Technology at the Forefront: Nex News Network’s Secure and Transparent Platform

Technologically adept, NexNews Network harnesses the power of blockchain integration, Web3, and Metaverse to ensure the highest level of security, authenticity, and transparency. This technological synergy enables users to engage with news and media content with utmost confidence.

 

Personalized User Experience – NexNews Network’s Tailored Approach

Through NexNews Network, users will enjoy a distinctly personalized experience. The platform’s integration of blockchain technology ensures that users can consume news and media content that aligns precisely with their interests, fostering deeper engagement and resonance.

 

Empowering Advertisers: Nex News Network Effective Advertising Platform

Advertisers will benefit from NexNews Network’s innovative approach by accessing a tailored platform that enables direct engagement with their target audience. The blockchain integration ensures a transparent and effective advertising experience, enabling advertisers to refine their strategies based on real-time performance data.

 

Elections

NexNews Network is poised to play a pivotal role in the upcoming election season. With its unique blend of blockchain integration, Web3, and Metaverse, the platform will facilitate informed decision-making by providing accurate and transparent information to voters.

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