Posted on 06/21/2023 8:12:10 AM PDT by SeekAndFind
* The growth in EV demand is outpacing the infrastructure needed to charge them, with experts predicting the need for more than a million new public EV charging stations in the U.S. by 2030 to accommodate the demand.
* Both cobalt and silicon, which are crucial for renewable energy sources like EV batteries, are in oversupply, causing bearish pressure on their prices; increased output from the Democratic Republic of the Congo and China is a key reason behind this.
* The production of grain-oriented electrical steel (GOES), necessary for the power sector and increasingly hard to source, is facing difficulties due to its complex manufacturing process and the rising demand, which is affecting universal access to reliable and modern energy services.
The Renewables MMI (Monthly Metals Index) continued to edge sideways, this time rising by just 2.64%. Cobalt and neodymium rising in price contributed the most to the index’s upward movement. This occurred despite massive oversupplies of cobalt, which is crucial to utilizing renewable energy sources like EV batteries. Meanwhile, grain-oriented electrical steel dropped month-over-month, with the steel plate components of the index either moving sideways or dropping slightly.
EV demand grew by 14% in 2022, and experts project an additional 18% growth by the end of 2023. In fact, global EV battery demand alone expanded by a whopping 65% in 2022. However, finding charging stations continues to present a problem. While the number of charging stations for EVs continues to grow, there’s only about one EV charging station for every gas station in the U.S., with each gas station averaging 4-8 pumps.
(Excerpt) Read more at oilprice.com ...
I am sick of experts.......
It would be a very simple bit of software written into the charging routine that could ration when-where you could plug in to charge.
They can’t do this with gas cars.
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