1、2023 power and utilitiesindustry outlook About the Deloitte survey To understand the outlook and perspectives of organizations across the US power and utilities industry,Deloitte fielded a survey of more than 70 US executives and other senior leaders in September and October 2022.The survey captured

2、 insights from respondents in electricity generation,transmission,and distribution.ContentsElectric power sector weighs promising trends amid cost and climate woes 3 Trends to watch 1.Grid modernization Utilities increasingly plan to roll out the next wave of advanced metering infrastructure 4 2.ESG

3、 reporting Environmental,social,and governance reporting continues to gain momentum 5 3.Grid flexibility Battery storage deployments set to accelerate despite supply chain snags 6 4.Decarbonized fuels Power and utility companies see opportunities to reap value from clean hydrogen 75.Transportation e

4、lectrification Utilities likely to sharpen focus on preparing for electric vehicle growth 8 Innovation,investment,and industry convergence could counter headwinds 9 Lets talk 102023 power and utilities industry outlook2Electric power sector weighs promising trends amid cost and climate woes2022 was

5、a year of perils and promise for the electric power sector.US electricity sales continued to rise as the pandemic recovery progressed,increasing 3.6%in the first eight months compared to the prior year.1 But costs also spiked,largely due to natural gas prices more than doubling on global shortages e

6、xacerbated by Russias invasion of Ukraine.Coal prices also rose as demand surged for alternatives to gas,2 while renewable energy prices followed suit due to supply chain disruption,inflation,and rising interest rates.3 As a result,US retail electricity prices reached record highs in 2022,averaging

7、12.3 cents per kilowatt hour(cts/kWh)across all segments(commercial,industrial,residential)in the first eight months,up 11%year over year.4 And theyre expected to remain elevated into 2023.Extreme climate eventsfrom droughts to hurricanes,heat waves and wildfirescontinued to test regional grid resil

8、ience.5 In response,the industry and policymakers worked to bolster reserves,deploy energy storage and microgrids,harden infrastructure,and strengthen flexible load options.6 The power sector also boosted efforts to thwart increasingly sophisticated cybersecurity threats.7 At the same time,2022 brou

9、ght several promising developments that will likely carry forward into 2023:US renewable generation and capacity rose,accounting for over 23%of electricity generated from January through August 2022,up from about 21%in the same period of 2021.8 Solar and wind power accounted for 69%of new utility-sc

10、ale capacity additions from January to August 2022.9 The Inflation Reduction Act(IRA)extended and expanded tax credits for renewables,electric vehicles,stand-alone storage,green hydrogen,clean energy manufactured components,and more.10 Funds began to flow from the$1.2 trillion Infrastructure Investm

11、ent and Jobs Act(IIJA),also known as the Bipartisan Infrastructure Law,to support grid modernization and clean energy research and deployment.11 Regional transmission organizations submitted initial plans for distributed energy resources(DER)to participate in wholesale markets under Federal Energy R

12、egulatory Commission Order 2222.12 US electric vehicle sales may have approached a tipping point,rising to 6.3%of light-duty vehicle sales in H1 2022.13 In 2023,these promising developments will likely evolve further.But providing secure,reliable,affordable,and clean electricity could become even mo

13、re challenging.Inflation,high fuel costs,and supply chain snarls may keep electricity prices elevated,while extreme weather,cybersecurity threats,and the growth of variable renewables and DER may continue to require innovative management to ensure grid reliability.The 47 largest US electric and gas

14、utilities plan to spend a record-breaking$169.4 billion in 2023 to enhance reliability,security,and renewable integration.14 But as customers struggle with bill increases,affordability could become elusive.Despite these challenges,new technologies and supportive policies could ripen opportunities in

15、 2023 and help the industry achieve its goals.We explore several of these promising trends and their potential impact on the industry in this years outlook,as well as what 2023 may hold for environmental,social,and governance(ESG)disclosures.2023 power and utilities industry outlook3Utilities increa

16、singly plan to roll out the next wave of advanced metering infrastructure(AMI)Many of the more than 115 million“smart”electricity meters deployed at US customer sites since 2000 are beginning to show their age,and utilities are increasingly developing replacement plans.15 After a 1520 year life span

17、,batteries are wearing out and some need to be replaced.This first generation of digital electricity meters displaced mechanical meters and,for the first time,enabled utilities to remotely read their entire population of meters in daily,hourly,or even 15-minute intervals.16 Utilities could remotely

18、receive power quality information,switch power on and off,and detect power outages immediately.Smart meters have saved utilities significant time and money and enabled carbon emissions reduction through fewer truck rolls to read,activate,and deactivate meters.One analysis found that operational savi

19、ngs for deployments greater than 500,000 meters averaged$10 per meter per year,recovering 65%to 75%of the initial cost of the meter deployment program over 20 years.17 Utility benefits came largely from reducing meter readers,deferring generation investment,detecting theft,and implementing conservat

20、ion voltage reduction(CVR).18 Some consumers benefitted from online move-in/move-out scheduling,outage restoration time notifications,dynamic pricing plans,and bill forecasting alerts.The first wave of smart meters had a life expectancy of approximately 20 years,which appears roughly accurate based

21、on interviews with AMI 1.0-enabled utilities.19 As AMI systems approach that age,some utilities will start planning their replacement in 2023,as a large replacement project can take three to five years to plan and supply chain kinks could delay it further.Utility companies typically replace the enti

22、re meter rather than just the batteries because many meters are sealed or require disassembly,making battery-only replacement impractical.20 And,just as first-wave AMI benefits helped pay for implementation,the benefits of next-gen AMI(or AMI 2.0)could also help justify the rollout expense.AMI 2.0 f

23、eatures faster processors,more memory,modular communication capabilities,and longer-lasting batteries.21 Residential meters are becoming edge computing devices that can better understand how electricity is being used or generated behind the meter.And that could be increasingly important as consumers

24、 add solar panels,electric vehicles,or battery storage and seek to interact with the grid.Fifty-three percent of our survey respondents said the most important capability AMI 2.0 could provide would be to support utility flexible load programs with real-time,device level usage analysis.Figure 1 high

25、lights the wide variety of capabilities anticipated from AMI 2.0.Figure 1.Anticipated capabilities from AMI 2.0-enabled metersSource:Deloitte analysis.For a more in-depth analysis,see Enabling the clean energy transition:Planning for next-generation advanced metering infrastructure and grid technolo

26、gies.Grid modernization1EfficientbatteryReliabilityEdgecomputingEnhancedcybersecurityDemandresponseDERenablementSmart gridenablementCommunicationsnetworkCustomerengagementDistributedintelligenceCloud,microgrid,andintelligentautomation2023 power and utilities industry outlook42Environmental,social,an

27、d governance reporting continues to gain momentumESG reportingMany US power and utility companies have been disclosing elements of ESG topics for more than a decade and enhancing them as needs and advocacy evolve.Proposed rules by the US Securities and Exchange Commission(SEC)could provide further m

28、omentum in 2023.Currently,most utilities post ESG reports and other sustainability activities on their websites.For many,its their version of a comprehensive Sustainability Report or Corporate Responsibility Report,which includes all aspects of ESG,not just environmental and climate.22 These reports

29、 tend to describe activities of the company,aspirational commitments made,and progress toward identified ESG metrics.Reporting often includes elements of the companys compliance with frameworks such as the Greenhouse Gas Protocol,the Task Force on Climate-related Financial Disclosures(TCFD),the Sust

30、ainability Accounting Standards Board(SASB),and the Global Reporting Initiative(GRI).23 Nearly all utilities populate an ESG template developed by the Edison Electric Institute and the American Gas Association and their member companies specifically for power and gas utilities,and include it in repo

31、rts or post it on their websites.24 Many also submit disclosures through the Carbon Disclosure Project(CDP)portal.25Enhanced ESG reporting and decarbonization commitments will likely progress further in 2023,as companies see a growing need to identify rapidly changing environmental and societal disr

32、upters and address them.Mounting calls for more disclosures on how the companies are prepared to deal with disrupters are another driver.Figure 2 illustrates how ESG is an integral part of business planning.Figure 2.ESG is increasingly integral to business planningSource:Deloitte analysis.For most l

33、arge power companies,the reports outline their carbon emissions reduction goals and plans to achieve them.As of October 2022,43 of the 45 largest investor-owned utilities had committed to reducing carbon emissions.26 Each year more companies announce targets or strengthen existing targets.Regulators

34、,investors,customers,and other stakeholders continue to urge more comprehensive,consistent,and standardized ESG reporting.And reports suggest that favorable ESG ratings can boost a companys access to sustainability-linked financing,such as green bonds,and lower their cost of capital.27Currently,US c

35、ompany disclosures and metrics are not uniform and third-party review or assurance is not widespread.But that could begin to change in 2023,as the SEC proposed a new rule in March 2022 that would require public companies to annually disclose certain climate-related financial statement metrics,inform

36、ation related to climate-related risks,and greenhouse gas(GHG)emissions in public disclosure filings.28 This proposed SEC rule followed another that would require enhanced disclosures on cybersecurity incidents,risk,management,strategy,and governance.29 Depending on whether and when the proposed cli

37、mate rule is finalized,it could begin to be phased in as early as fiscal year 2023.30ShareholdersInvestorsNGOsCommunityCustomersEmployeesSuppliersRegulatorsSocial capitalHuman capitalLeadership and governanceBusiness model and innovationEnvironment Impacts on businessImpacts on businessCorporatepurp

38、ose2023 power and utilities industry outlook53Battery storage deployments set to accelerate despite supply chain snagsGrid flexibilityUS battery storage is poised for faster growth in 2023,as renewables share of generation rises,extreme weather events become more frequent,and new legislation continu

39、es to improve its value proposition.At the end of 2021,the United States had a cumulative total of 4.6 gigawatts(GW)of utility-scale battery storage capacity.31 In H1 2022,the industry added another 1.9 GW,or 5 gigawatt hours(GWh),of capacity,despite price increases and project delays amid ongoing s

40、upply chain struggles.Another 4 GW is expected to be operational by the end of 2022,bringing total 2022 additions to nearly 6 GW,almost double 2021 installations.32 And forecasts indicate that could rise to nearly 10 GW of added capacity in 2023 and 12 GW in 2024.33Battery storage costs are expected

41、 to continue rising in 2023,though that trend could reverse longer term and is unlikely to dampen demand.Average prices rose to about$200/kWh in H1 2022,largely due to supply chain challenges,after declining for more than a decade to approximately$175/kWh in 2020.34 But demand is expected to remain

42、robust as drivers and use cases expand,including:Growing renewables deployment means grid-scale storage is often tapped for frequency response or spinning reserves,35 which are grid services that can mitigate wind and solar intermittency.Renewables are also sparking arbitrage opportunities:Battery s

43、torage can charge with low-marginal-cost wind or solar power and discharge when more expensive natural gas or coal-fired plants are setting electricity prices.36 Increasingly extreme weather and climate events make storage more attractive as a hedge against outages.In the midcontinent and mid-Atlant

44、ic regions,storage is being installed to replace retiring coal-fired units and to prepare for rising renewable deployment.37 Developers are integrating battery storage into more than 95%of new solar projects in California,while in other major regions that penetration is up to at least 20%and expecte

45、d to increase.38 Figure 3 provides a regional breakdown of US operating battery capacity.Figure 3.Regional breakdown of US operating battery capacity(as of September 2022)Sources:EIA Preliminary Monthly Electric Generator Inventory(based on Form EIA-860M as a supplement to Form EIA-860),September 20

46、22;Deloitte analysis.Supply chain kinks could continue into 2023,largely due to the paucity of battery and critical mineral suppliers and concern about unethical labor practices,especially in cobalt mining.39 But alternate battery chemistries(such as lithium iron phosphate)could scale up for the ele

47、ctric vehicle(EV)market,helping reduce the demand for lithium-ion batteries.40 In addition,the IIJA is injecting$7 billion into US battery and component manufacturing and recycling,as well as extraction and processing of critical materials such as lithium,cobalt,nickel,and graphite to develop a robu

48、st domestic battery supply chain for US EV and grid storage markets.41 Finally,the IRA is expected to boost battery storage development by 30 GW,or 111 GWh,from 2022 to 2030,42 due to its 30%investment tax credit(ITC)for eligible storage projects,with 10%adders for meeting domestic content specifica

49、tions or being located in a designated“energy community.”Previously,energy storage tax credits were available only when the project was co-located with solar and part of the solar project.1%CAISO California Independent System OperatorERCOT Electric Reliability Council of TexasISO-NE Independent Syst

50、em Operator-New EnglandPJM Pennsylvania-New Jersey-Maryland InterconnectionAK/HI Alaska/HawaiiMISO Midcontinent Independent System OperatorOther regions3%4%4%17%55%16%2023 power and utilities industry outlook64Power and utility companies see opportunities to reap value from clean hydrogenDecarbonize

51、d fuelsThere has been a frenzy of activity in green hydrogen,and its likely to accelerate in 2023 and beyond,partly due to new incentives in the IRA.43“Clean”hydrogen prices will likely become competitive with conventional hydrogen in many US regions,44 though its use may still be infeasible for app

52、lications that require new transportation,storage,and other infrastructure.Power and utility companies are considering which options make the most economic sense in the near term.45The IRA provides a new tax credit for qualified“clean hydrogen”facilities,where hydrogen is produced through a process

53、that results in a lifecycle GHG emissions rate not exceeding 4 kilograms(kg)of carbon dioxide equivalent per kilogram of hydrogen.46 The tax credit varies depending on the lifecycle GHG emissions rate,with the full$3/kg typically applying to hydrogen produced through renewable-or nuclear-powered ele

54、ctrolysis.47The power and utilities sector has typically produced and consumed a negligible share of hydrogen,but that could begin to change in 2023.48 Power companies are evaluating hydrogen options with an eye to those most immediately economically feasible.Producing clean hydrogen using renewable

55、 or nuclear generation is often an attractive option.And it could potentially qualify for at least two IRA tax credits:an ITC or a PTC for the renewable or nuclear generation,and a credit for the hydrogen production.49 Below are five ways some power companies are considering monetizing clean hydroge

56、ns value,and figure 4 provides perspectives from our industry survey:Sell it to industrial or transportation sector consumers.Site electrolyzers near consumers(such as oil refiners and ammonia producers)that already use conventional hydrogen and dont require new infrastructure.50 Proceeds can help p

57、ower companies expand renewables and support nuclear plants.Store and use it as long-duration energy storage.Hydrogen could be a way to“store”excess wind and solar output longer than the typical four-or eight-hour battery system allows.51 Stored hydrogen could fuel power plants when wind and solar a

58、re offline.However,this could require new storage facilities and gas turbines that can run on 100%hydrogen or hydrogen blends.Provide flexible distributed generation through hydrogen fuel cells,which could power industrial and commercial end users,help balance load,provide resiliency,and mitigate re

59、newable variability.Fuel cells could also qualify for an ITC.Use it to help decarbonize their own natural gas distribution systems,or sell it to other gas utilities.Levels above a 5 to 15%blend with natural gas could require significant upgrades to distribution infrastructure and end-user appliances

60、.52 Use it for baseload power generation.Economics are currently challenging at the scale needed,though new gas-fired generation will likely be built with the capacity to use increasing amounts of hydrogen in the future.53 Figure 4.What should be green hydrogens most important role in the power and

61、utilities sector as it becomes cost-competitive with conventional fuels?Source:Deloitte 2022 power and utilities industry survey.0%5%10%15%20%25%30%35%To help natural gas utilities decarbonize their gas supplies29%To fuel power generation28%To fuel distributed hydrogen fuel cells19%As a way to“store

62、”excess wind and solar output19%Other5%2023 power and utilities industry outlook75Utilities likely to sharpen focus on preparing for electric vehicle growthTransportation electrificationUtilities will likely accelerate their EV planning and programs in 2023,as US EV market share exceeded 6%of new ca

63、r sales in H1 2022,the IRA offered new EV tax credits,and federal and state governments set ambitious goals for EV penetration.54 The Biden administration set a US goal of 50%EV market share by 2030.55 In addition,Californias new Advanced Clean Cars II(ACC II)regulations require 100%of cars sold in

64、the state to be zero emission vehicles(ZEV)by 2035.56 New York has followed suit,57 and at least four of the other 17 states that had adopted Californias original Advanced Clean Cars I(ACC I)regulations are considering adopting this new,stricter standard.58 Figure 5 maps these 17 states.Figure 5.Sta

65、tes with ZEV and clean car standardsSource:California Air Resources Board,”States that have Adopted Californias Vehicle Standards under Section 177 of the Federal Clean Air Act,”May 13,2022.Some of the thorniest challenges to meeting these goals could be for the auto and battery industries to produc

66、e enough EVs and batteries,given supply chain constraints and IRA tax credit eligibility requirements for EVs.59 Surveyed power and utilities executives perceive their sectors key priorities as supporting charging infrastructure buildout(43%);upgrading distribution assets to prepare for increased lo

67、ad(36%);and preparing to manage new load with EV rates to encourage off-peak charging(18%).60 Below are some important focus areas for 2023 and beyond:Vehicle-grid integration:While US electricity generation is generally deemed sufficient to handle the roughly 2%annual demand growth expected from EV

68、s,61 spreading out demand over time and upgrading distribution system equipment in high-adoption areas is a priority.Utilities are increasingly setting rates that encourage off-peak chargingand new submetering technology enables them to charge separate rates without installing additional meters.62 S

69、ome utilities will use accumulated data to fine-tune managed charging programs.And while widespread adoption of bidirectional vehicle-to-grid(V2G)technologies may still be several years off,pilot activity is largely focusing on fleet V2G programs and vehicle-to-home charging.63 Charging infrastructu

70、re buildout:All 50 states have submitted EV infrastructure deployment plans to access the IIJAs$5 billion allocation for 500,000 fast-charging stations across 53,000 miles over five years.64 And many utilities will be providing the additional equipment upgrades,or“make readies,”to prepare sites for

71、charger installation.Since fast chargers require a significant amount of power,utilities are gearing up to provide extra infrastructure such as conduit,trenching,cabling,and switchgear,including new transformers and meters(much of which still faces supply chain constraints).Many utilities are also c

72、oordinating with fleet operators to support charging infrastructure for trucks and other heavy-duty vehicles.Medium-and heavy-duty vehicle uptake:Nearly 20 states and jurisdictions are aiming for 30%of new medium-and heavy-duty(MDHD)vehicle sales to be electric by 2030,and 100%by 2050.65 20212022 sa

73、w unprecedented MDHD growth in investment,policy support,and deployment,66 and utilities are increasingly offering programs to promote and enable MDHD vehicle uptake.This includes piloting several electric school bus V2G programs.Adoption is likely to accelerate further in 2023 with IIJA investments

74、,such as$5 billion for electric school buses and$5.6 billion for electric transit buses.School districts from all 50 states applied for$500 million in EPA 2022 Clean School Bus Rebates,prompting an increase to$965 million.67MaineVermontNew YorkMinnesotaColoradoNewMexicoCaliforniaNevadaMassachusettsW

75、ashingtonClean car statesStates adopting Californias ACC I regulations but no ZEVZEV and clean car statesStates that have adopted ZEVand Californias ACC I regulationsOregonRhode IslandConnecticutNew JerseyMarylandVirginiaPennsylvaniaDelawareDistrict of ColumbiaStates that plan to adopt CaliforniasAC

76、C II rule requiring 100%of vehiclessold in the state to be ZEV by 20352023 power and utilities industry outlook8Innovation,investment,and industry convergence could counter headwindsIn 2023,supply chain snags,rising costs,and extreme weather are likely to continue plaguing the power sector.But promi

77、sing trends in innovation and investment,buoyed by recent legislation,can help the sector fulfill its mission to provide increasingly secure,reliable,clean,and affordable electricity.Power and utility companies will likely lean further into evolving technologies and new business models.Integrating t

78、echnologies such as AMI 2.0,battery storage,clean hydrogen,and EVs can boost system flexibility and agility to help offset rising costs and increase resilience to extreme weather events.In the new year,power and utility companies will likely continue to seek guidance from federal and state governmen

79、ts on how to access the considerable clean energy support and incentives provided by the IRA and IIJA legislation.Utility decarbonization plans often contain caveats stating that government research,development,and deployment support,funding,and incentives for new technologies will be needed to reac

80、h net-zero goals.The cavalry may have arrived.The sector can also continue to seek opportunities for partnerships to access capabilities,technologies,and assets in adjacent sectors such as oil and gas and manufacturing,as well as automotive,technology,mining,real estate,and government to advance the

81、 energy transition.As the clean energy transition progresses,opportunities will likely continue to expand across the entire economy.2023 power and utilities industry outlook9Key contributorsLets talkJim ThomsonVice chair,US Power,Utilities&Renewables Leader Deloitte LLP+1 813 230 3714Kate HardinExec

82、utive DirectorDeloitte Research Center for Energy&IndustrialsDeloitte Services LP+1 617 437 3332Suzanna Sanborn,senior manager,Deloitte Research Center for Energy&Industrials,Deloitte Services LPAkash Chatterjee,analyst,Deloitte Research Center for Energy&Industrials,Deloitte Services India Private

83、Limited2023 power and utilities industry outlook10Endnotes1.US Energy Information Administration(EIA),Electric Power Monthly,Table 5.1,“Sales of electricity to ultimate customers,”All sectors,October 25,2022.2.Will Wade,“US coal prices climb past$200 as global energy crunch boosts demand,”Bloomberg,

84、October 3,2022.3.LevelTen Energy,“North American renewable PPA prices rose 5.3%in Q2 and nearly 30%year-over-year,spurred by specter of solar tariffs and inflation,according to LevelTen Energy,”press release,July 13,2022.4.EIA,Electric Power Monthly,Table 5.4,“Average price of electricity to ultimat

85、e customers,”All sectors,October 25,2022.5.Boratha Tan,“Facing extreme weather,states explore ways to improve energy resilience,”National Conference of State Legislatures,October 12,2022.6.Ibid.7.Herman K.Trabish,“Biden executive order on power system cyberse-curity leaves critical operations vulner

86、able,experts say,”Utility Dive,July 25,2022.8.EIA,Electric Power Monthly,Table 1.1.“Net Generation by Energy Source:Total(All Sectors),”October 25,2022.9.Federal Energy Regulatory Commission(FERC),“Energy infrastructure update for August 2022,”October 5,2022.10.Public Law 117-169(“Inflation Reductio

87、n Act”),Congressional Research Service,accessed October 28,2022.11.The White House,“FACT SHEET:Biden-Harris administration hits the ground running to build a better America six months into infrastructure implementation,”May 16,2022.12.Day Pitney LLP,“FERC Order No.2222 implementation:Market opportu-

88、nities and risks for distributed energy resources”webcast,June 16,2022.13.Alliance for Automotive Innovation,Get connected:Electric vehicle quarterly report,Q2 2022,September 13,2022,p.1.14.Brian Collins et al.,Utility capital expenditures update:H2 2022:20222026E as of October 20,2022,Table 1:Histo

89、rical and forecast utility capital expenditures and actual forecast growth rates,S&P Global Market Intelligence,RRA Financial Focus,October 20,2022.15.Steven Rogers et al.,Enabling the clean energy transition:Planning for next-generation advanced metering infrastructure and grid technologies,Deloitt

90、e,November 1,2022.16.Ibid.17.Deloitte analysis,with additional data input from US Department of Energy(DOE)Office of Electricity Delivery and Energy Reliability,Advanced metering infrastructure and customer systems:Results from the Smart Grid Investment Grant Program,September 2016.18.Rogers et al.,

91、Enabling the clean energy transition.19.Ibid.20.Ibid.21.Ibid.22.Reviewed company websites and disclosure documents to determine their practices.23.Company websites.For more information about the frameworks,refer to Greenhouse Gas Protocol,Task Force on Climate-related Financial Disclosures,SASB Stan

92、dards&Other ESG frameworks,and Global Reporting Initiative(GRI).24.Edison Electric Institute(EEI),“ESG/Sustainability overview,”accessed October 30,2022;company websites.25.Based on review of companies that have submitted disclosures to the Carbon Disclosure Project;see CDP.26.Reviewed company websi

93、tes using company list from S&P Global Market Intelligences group of the 47 largest electric and gas utilities(consolidated under parent companies)included in its biannual Capital Expenditures updates.27.Joel Makower,“The secret life of ESG ratings,”GreenBiz,May 9,2022;Kristen Sullivan and Jason Men

94、ghi,Incorporating ESG across investment portfolios may open access to capital,Deloitte,2020,p.2.28.US Securities and Exchange Commission(SEC),“SEC proposes rules to enhance and standardize climate-related disclosures for investors,”press release,March 21,2022.29.SEC,“SEC proposes rules on cybersecur

95、ity risk management,strategy,governance,and incident disclosure by public companies,”press release,March 9,2022.30.Ibid.31.EIA,Electric Power Monthly,“Battery storage capacity more than tripled in 2021 as reported applications expanded beyond ancillary services,”July 5,2022.32.Cameron Murray,“US ins

96、talls 5GWh of battery storage in H1 2022 but overall clean power deployments fall,”Energy Storage News,July 27,2022.33.Wood Mackenzie,US Energy Storage Monitor:Q3 2022,Wood Mackenzie,accessed October 2022.34.Garrett Hering,“Inflation unleashes wave of battery storage renegoti-ation in US,”S&P Global

97、 Market Intelligence,July 8,2022.35.EIA,“Battery storage capacity more than tripled in 2021 as reported applications expanded beyond ancillary services.”36.Katherine McCaffrey,“Battery storage arbitrage potential charged by renewables growth,”S&P Global Market Intelligence,August 23,2022.37.Jennifer

98、 Runyon,“MISOs new resource model means storage can fully participate in its market,”POWERGRID International,September 6,2022.38.Nathaniel Bullard,“Theres a mind-bending amount of solar in the US pipeline,”Bloomberg,September 30,2022.39.Jael Holzman and David Iaconangelo,“U.S.shift on child labor ma

99、y scramble EV sector,”E&E News,October 5,2022.40.Matt McFarland,“The next holy grail for EVs:Batteries free of nickel and cobalt,”CNN Business,June 1,2022.41.DOE,“Biden-Harris administration awards$2.8 billion to supercharge U.S.manufacturing of batteries for electric vehicles and electric grid,”pre

100、ss release,October 19,2022.2023 power and utilities industry outlook11Endnotes(cont.)42.Robert Walton,“Inflation Reduction Act will drive development of 111 GWh of energy storage:BloombergNEF,”Utility Dive,October 18,2022.43.Emma Penrod,“Growing scale,Inflation Reduction Act subsidies could push gre

101、en hydrogen prices negative:RE+panel,”Utility Dive,September 27,2022.44.Dan Esposito and Hadley Tallackson,“The Inflation Reduction Act upends hydrogen economics with opportunities,pitfalls,”Utility Dive,September 30,2022.45.Emma Penrod,“As momentum for hydrogen builds,electric utilities chart multi

102、ple paths forward,”Utility Dive,August 18,2021.46.Public Law 117-169(“Inflation Reduction Act”).47.Ibid.48.Currently,nearly 99%of US hydrogen is produced from fossil fuels,usually using natural gas in steam methane reformers.Just 1%is“green”or“pink”hydrogen,produced through electrolysis using renewa

103、ble or nuclear power,respectively.For more information,see DOE,Hydrogen Strategy Enabling a low-carbon economy,Office of Fossil Energy,July 2020,pp.1,5,and 7.49.Public Law 117-169(“Inflation Reduction Act”).50.Penrod,“As momentum for hydrogen builds,electric utilities chart multiple paths forward.”5

104、1.Aaron Larson,“Want long-term energy storage?Look to hydrogen,”POWER,December 1,2021.52.M.W.Melaina et al.,Blending hydrogen into natural gas pipeline networks:A review of key issues,National Renewable Energy Laboratory,March 2013,p.v.53.Penrod,“As momentum for hydrogen builds,electric utilities ch

105、art multiple paths forward.”54.Anne C.Mulkern,“Climate bill,state mandates jump-start EVs future,”E&E News,August 18,2022.55.The White House,“FACT SHEET:President Bidens economic plan drives Americas electric vehicle manufacturing boom,”September 14,2022.56.California Air Resources Board,“Proposed A

106、dvanced Clean Cars II regulations:All new passenger vehicles sold in California to be zero emissions by 2035,”June 2022.57.Kira Bindrim,“NY implements 2035 all-EV plan after California clears the way,”Bloomberg,September 29,2022.58.Ceres,“Californias new clean car standards will accelerate zero-emis

107、sion vehicle market development across states,”press release,August 25,2022.59.Jane Nakano,“IRA and the EV tax creditscan we kill multiple birds with one stone?,”Center for Strategic&International Studies(CSIS),September 15,2022.60.Deloitte,Power and utilities industry survey,September/October 2022.

108、61.Kavya Balaraman,“Taking charge:Enel X Ways Chris Baker on how the EV sector is crossing the chasm,”Utility Dive,September 14,2022.62.Kavya Balaraman,“California becomes first state to roll out submetering technology to spur EV adoption,”Utility Dive,August 8,2022.63.Lisa Cohn,“Remember when power

109、ing your house with your vehicle was a wild idea?,”Microgrid Knowledge,March 24,2022.64.Robert Walton,“Biden administration awards$900M to 35 states for EV charging network as automakers ramp up battery plans,”Utility Dive,September 15,2022.65.Kate Magill,“Nearly 20 states push ahead with truck elec

110、trification plan,”Transport Dive,July 28,2022.66.Tom Taylor and Spencer Burget,Transportation electrification in the Southeast,Atlas Public Policy and Southern Alliance for Clean Energy,September 2022,p.24.67.US Environmental Protection Agency(EPA),“Biden-Harris administration will double clean scho

111、ol bus rebate awards to nearly$1 billion,”press release,September 29,2022.2023 power and utilities industry outlook12About this publicationThis publication contains general information only and Deloitte is not,by means of this publication,rendering accounting,business,financial,investment,legal,tax,

112、or other professional advice or services.This publication is not a substitute for such professional advice or services,nor should it be used as a basis for any decision or action that may affect your business.Before making any decision or taking any action that may affect your business,you should co

113、nsult a qualified professional adviser.Deloitte shall not be responsible for any loss sustained by any person who relies on this publication.About the Deloitte Research Center for Energy&IndustrialsDeloittes Research Center for Energy&Industrials combines rigorous research with industry-specific kno

114、wledge and practice-led experience to deliver compelling insights that can drive business impact.The Energy,Resources,and Industrials industry is the nexus for building,powering,and securing the smart,connected world of tomorrow.To excel,leaders need actionable insights on the latest technologies an

115、d trends shaping the future.Through curated research delivered through a variety of mediums,we uncover the opportunities that can help businesses move ahead of their peers.About DeloitteDeloitte refers to one or more of Deloitte Touche Tohmatsu Limited,a UK private company limited by guarantee(“DTTL

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