Electrification has the potential to influence every sector of the economy towards a more efficient, cost-effective, and decarbonized future. Informed policy and regulation will be integral to realizing electrification’s benefits. Electrification, in the right applications, can yield considerable quality of life improvements including overall energy cost savings, as well as increased productivity, comfort and convenience. Additionally, the reduced environmental footprint of electrification has a myriad of benefits for society at-large such as reduced emissions of air pollutants. However, certain policies can impede engagement in electrification programs. Therefore, one of EPRI’s objectives is to develop a comprehensive cost-effectiveness framework that captures the full spectrum of electrification benefits and costs to inform policies at all levels that will ultimately be beneficial to everyone.
At Electrification 2018, the first electrification specific conference in the United States, the participation of government and regulatory stakeholders from the federal, state, and local levels will be critical in mapping out the next chapter for electrification. As technology continues to advance rapidly throughout economy-wide applications such as; electric vehicles, electric industrial equipment, battery storage and more — 2018 will without question be a critical juncture for the policy and regulatory framework surrounding electrification. Questions including; how to complement electrification with energy efficiency, what incentives are needed to properly incentivize flexible demand, and how to deploy and optimize infrastructure will need to be answered not only on Capitol Hill, but at state capitals and city halls throughout the country and the world in order to determine how to best take advantage of this potential and develop our electrified future.