{"id":1146764,"date":"2019-10-30T13:42:13","date_gmt":"2019-10-30T19:42:13","guid":{"rendered":"https:\/\/www.mining.com\/?p=1005651"},"modified":"2019-10-30T13:42:13","modified_gmt":"2019-10-30T19:42:13","slug":"rapid-ev-adoption-could-drop-canadian-oil-demand-by-250000-barrels-per-day-report","status":"publish","type":"post","link":"https:\/\/juniorminingnews.com\/?p=1146764","title":{"rendered":"Rapid EV adoption could drop Canadian oil demand by 250,000 barrels per day \u2014 report"},"content":{"rendered":"<p>A new study by EY that contrasts the impact of different scenarios for electric vehicles in Canada says the most rapid adoption \u2014 with EVs representing 30% of Canada\u2019s vehicle stock in 2030, compared to less than 3% today \u2014 would reduce domestic oil demand by approximately 252,000 barrels per day.<\/p>\n<div class='d-flex justify-content-center'>\n<div id='div-gpt-ad-1561499308230-0'><script>googletag.cmd.push(function() {googletag.display('div-gpt-ad-1561499308230-0');});<\/script><\/div>\n<\/div>\n<p>Canada currently produces about 4.7 million barrels per day, according to the Canadian Energy Regulator. In 2018, approximately 1.6 million barrels per day per consumed by domestic refineries.<\/p>\n<p>Already, Canada is the 10th fastest adopter of EVs in the world, with sales growing 165% year-over-year in 2018, EY said.<\/p>\n<figure class=\"wp-block-pullquote alignright\">\n<blockquote>\n<p> EY found that rapid adoption could also cause an 11% spike in Canadian electricity demand, requiring utilities to make significant investments in existing grid infrastructure <\/p>\n<\/blockquote>\n<\/figure>\n<p>\u201cElectric vehicles have the potential to profoundly reshape everything from local transit to global commerce, and Canada\u2019s energy players are not going to be immune from this impact,\u201d EY Canada oil and gas leader Lance Mortlock said in a statement. <\/p>\n<p>Rapid EV adoption could trigger convergence of oil and gas and power and utilities companies in the marketplace, EY said.<\/p>\n<p>\u201cDiversifying portfolios will be crucial for oil and gas companies in a rapid-adoption future,\u201d Mortlock said. \u201cTo stay relevant and ensure profitable revenue streams, they\u2019ll need to invest more in clean energy, petrochemical products and access to tidewater to enter new markets.&#8221;<\/p>\n<p>EY found that rapid adoption could also cause an 11% spike in Canadian electricity demand, requiring utilities to make significant investments in existing grid infrastructure to allow consumers to charge cars at home and in public spaces. Distribution network upgrades would also be required to improve power transmission across the country, including to rural areas.<\/p>\n<p>\u201cA dramatic increase in electricity demand would likely result in new power and utilities players coming to market,\u201d said Daniela Carcasole, EY Canada power and utilities leader.<\/p>\n<p>\u201cThis could open up a number of collaboration opportunities for existing companies \u2014 either through M&amp;A or joint ventures with hotels, restaurants, technology companies and retail stores to offer easy and convenient vehicle charging to consumers.\u201d<\/p>\n<p>Availability of charging infrastructure, price premiums, battery performance, subsidies and time to complete the charge remain key barriers deterring Canadians from purchasing an EV. But even a moderate adoption scenario \u2014 with 6.5 million EVs on Canadian roads by 2030 \u2014 would require a 5.5% increase in electricity demand, EY said.<\/p>\n<p><em>(This article first appeared in<a href=\"https:\/\/www.jwnenergy.com\/\"  rel=\"noreferrer noopener\" aria-label=\" JWN Energy (opens in a new tab)\"> JWN Energy<\/a>)<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Rapid EV adoption could trigger convergence of oil and gas and power and utilities companies in the marketplace, EY said.<\/p>\n","protected":false},"author":47,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"footnotes":""},"categories":[1016,369,2857],"tags":[],"_links":{"self":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1146764"}],"collection":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/users\/47"}],"replies":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1146764"}],"version-history":[{"count":1,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1146764\/revisions"}],"predecessor-version":[{"id":1146765,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1146764\/revisions\/1146765"}],"wp:attachment":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1146764"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1146764"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1146764"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}