In the United States, 48% of its electric power is generated by electromagnetic turbines working with the use of steam. Of all the steam turbines used in America, there are those powered by nuclear energy, natural gas, and coal. Additional power sources include solar photovoltaics and geothermal power. Electric power has traditionally allowed humankind to turn on lights at night, use devices that make work less cumbersome and tiring, and run appliances that do any number of tasks formerly restricted to human labor.
Now, electricity is taking the place of fossil fuels to power our vehicles. Consider NIO. NIO designs and develops smart, high-performance, electric vehicles and people are watching their NIO earnings with anticipation.
In America, the electric vehicle (EV) is gaining in popularity with 42% of households now owning an EV. Tesla was the most popular EV in China until the Wuling Hong Guang Mini EV surpassed their sales by more than 10,00 units. China’s premier EV market is headed by NIO meaning “Blue Sky Coming.” NIO earnings are up 133.2% for this quarter giving their investors $1.59 per share last year.
The world’s biggest electric car manufacturers are Nissan, BMW, and Tesla. Some leaders like the U.S. president are encouraging the sale of electric cars with his infrastructure plan calling for the building of 500,000 new electric charging stations to be built in the next ten years. Today, only 2% of the cars on the road are electric. By the year 2030, that should increase to 50%.
Since the average price of electricity in America is very affordable, introducing a car powered by electricity should be appealing to most of its citizens. Australians, on the other hand, might be hesitant because of the unstable electricity market in that country. But recently, the wholesale prices for electricity have dropped leading to electric energy savings among the public.
Among the sustainable energy sources, only one has shown the consistency needed to be reliable enough to power grids: hydroelectricity generated by running river water. The power of moving water has been used by man for thousands of years. Now, in today’s times, hydroelectricity is being employed at far more complex levels. Moving water or hydroelectricity is sustainable, renewable, and emission-free.
Unfortunately, hydropower production must be planned down to the last detail to avoid destruction of the environment and harm done to clean water-dependent creatures and people. The negative environmental consequences could lead to degraded water quality from blocked dams and rivers, habitat destruction for fish and wildlife, water quality lessened, fish unable to migrate, and the local residents being displaced. If all these negatives are considered and overcome before the project is started, it’s possible to employ the use of hydropower to produce electricity in a more prolific manner.
Electricity use is 38.9% residential, 34.6 is commercial, 25.1 is industrial, and currently, only 2% is used to run transportation. According to the United States Energy Information Administration’s (EIA’s) Survey, electric energy consumption is used primarily for heating and cooling homes and businesses.
1) Lighting uses 10% of the electric energy
2) Refrigeration uses 7% of the electric energy produced
3) Televisions and similar items use 7% of the electric energy utilized
4) Water heaters use 14% of the electric energy used
5) Household devices (cooking, pool, and hot tub pumps, dishwashers, freezers, ceiling fans, etc.) amount to 5% of electric energy usage
6) Space heaters amount to 15% of electric energy usage
7) 13% of electric energy usage is unclassified
Currently, fossil fuels are the focus. As a world concerned about our future, it is imperative that we cease polluting our environment. We are focused on cutting emissions from fossil fuels, so our eyes are trained on transferring our dependence on fossil fuels to a more sustainable source. So far, electric-powered cars are appearing to be the next most popular source of power.
Currently, there are 5.6 million electric vehicles on the road. Electric car manufacturers are building new cars at a faster pace and the electric vehicle (EV) is becoming more affordable as time passes. There are 1.2 billion vehicles in the world at present. If electric vehicles are expected to rise to one day be 50% of the vehicles, that’s an increase of 48% or 1.176 billion.
The carmakers are going to be extremely busy for the next ten years. Countrywide, China makes 26 million vehicles each year, the U.S. makes 11 million, Japan produces 9.7 million, Germany makes 4.7 million cars, India produces 4.5 million vehicles and Mexico makes 3.98 million vehicles. All the leading vehicle-producing countries will have to double their production to reach the 1.2 billion electric vehicle goals. Let’s hope they do.