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Illustration: Sarah Grillo/Axios

Electric vehicle owners in California drive them less than half as many miles annually as the average gasoline-powered car in the U.S., a new analysis shows.

Why it matters: The finding "raises important questions about the potential for the technology to replace a vast majority of trips currently using gasoline," the working paper concludes.

  • The estimates are important for assessing the climate and pollution-cutting benefits of EVs, and have implications for investment decisions about power distribution equipment, it states.

How it works: The paper syncs data from a big sample of residential meters in the Pacific Gas & Electric service area with addresses of EV registrations in 2014-2017.

  • Study authors with the University of Chicago and the University of California explored how much home electricity use changes after the EV purchase.
  • They then used this data to estimate how much these EVs were being driven, factoring in estimates of out-of-home charging.

By the numbers: Power consumption growth is about 2.9 kWh per day, which is a 16% rise over average daily usage in the PG&E meter sample.

That's less than what would be expected if EVs were used in a way akin to traditional cars.

  • "Given the fleet of EVs in our sample...this translates to approximately 5,300 electric vehicle miles traveled (eVMT) per year," the paper finds.
  • The power use is much less than prior estimates by California regulators, the working paper notes.

The big picture: California officials and President Biden plan to implement policies aimed at greatly accelerating EV deployment to fight climate change and cut pollution.

What we don't know: That's why, exactly, EVs seem to be driven much less than their internal-combustion counterparts. But the paper says future research should explore possibilities including:

  • EVs may be complementing gas-powered cars instead of replacing them.
  • EV buyers to date don't represent the "broader vehicle-owning population."
  • A combo of too few public charging stations, "range anxiety" and other aspects of EV ownership.

The bottom line: Getting a handle on the relatively low usage is important because "the vision of transportation electrification rests on EVs leading to a substitution of [vehicle miles traveled] away from conventional cars," it states.

“The takeaway here is not that EVs should never or will never be our future, but rather that policymakers may be underestimating the costs of going fully electric," said co-author Fiona Burlig, a University of Chicago economist.

Projecting the future of EV growth

Wood Mackenzie is out this morning with new projections about their future growth.

State of play: The consultancy sees yearly sales topping 7 million combined in China, Europe and the U.S. by 2025.

  • "Improved EV costs will propel sales and double EV numbers to a combined 15 million a year in those three regions by 2030," they note.
  • They see EVs outselling internal-combustion vehicles shortly before midcentury.

Yes, but: "Despite the growing dominance of EVs, global oil demand from light-duty vehicles is projected to reduce by only 24% over the next 30 years," Woodmac analyst Ram Chandrasekaran said.

  • "Slow erosion of [internal combustion engine] stock and an increased demand from emerging economies are the main reasons for this lethargic drop," Chandrasekaran said.

Go deeper

Biden's two-step negotiating process

President Biden departs Geneva. Photo: Martial Trezzini/Pool/AFP via Getty

President Biden's summit "reset" was less about trying to make a friend out of Russia than reframing what the U.S. believes can be accomplished by engaging with President Vladimir Putin.

Driving the news: The Geneva meeting yielded no immediate breakthroughs beyond agreements about ambassadors returning to work and plans to launch talks on nuclear security. But in classic Biden fashion — aviators on, jacket off and a one-liner about invading Russia he had to clarify was a joke — the U.S. president used a post-summit news conference to explain his approach.

Scoop: NRCC to accept cryptocurrency donations

Illustration: Sarah Grillo/Axios

The Republicans' House campaign arm will begin accepting contributions in cryptocurrency, Axios has learned.

Why it matters: The National Republican Congressional Committee is the first national party committee to solicit crypto donations. That puts it at the forefront of a disruptive financial technology that could test campaign finance rules.

By the numbers: Federal holiday adoption dates

Data: FederalPay; Chart: Connor Rothschild/Axios

In the 244-year history of the United States, the government has created 10 federal holidays. Juneteenth — to be marked on June 19 — will become No. 11.

Why it matters: It's not clear how all Americans will come to commemorate a day celebrating the formal end of slavery in the U.S., but it will come with all the trappings of the others: a day off for federal employees, and a potential close of businesses.