President Biden’s signing of the Infrastructure Investment and Jobs Act is a significant turning point in American history. The $1 trillion bipartisan legislation infuses $550 billion in new spending over 10 years to accelerate modernization of our country’s physical infrastructure and keep our economy moving—quite literally. Roads, bridges, and ports that enable the transportation of manufactured goods, as well as the power grid that keeps the lights on, will get a much needed upgrade.
While much of the focus has been on fixing the nation’s crumbing roads and bridges, we can’t overlook the need for reliable energy infrastructure, critical to both America’s competitiveness in the global economy and its ability to protect its citizens. With massive wildfires darkening the skies of the West this summer and the bruising ice storms in Texas last winter, it has never been more apparent that America needs to accelerate investment in modernizing aging energy infrastructure and improving grid resiliency.
Power outages can cost billions of dollars, but they are also among the most damaging, disruptive and deadliest impact of extreme weather. Plus, the United States needs an updated grid to in order to incorporate renewable-energy sources and meet electric vehicle (EV) charging requirements—key components in reaching carbon neutrality goals. Electric vehicles—and the US’ ability to manufacture them—are seen as such an integral part of America’s future that President Biden made a visit to General Motors EV plant in Detroit two days after signing the bill into law.
The need to modernize our grid coincides with our recent “Preparing for the Unexpected and the Inevitable: An Itron Resourcefulness Report,” which summarizes key findings from surveys of 500 utility executives and 500 informed consumers from across five countries—United States, Australia, France, Germany and Indonesia. Utility executives cited upgrading aging infrastructure, integrating renewables and complying with carbon mandates as today’s biggest challenges to the reliability and resiliency of the grid.
Furthermore, it reveals that in the next five years, the demand to meet EV-charging requirements will be the top concern for many. But interestingly, if you narrow it down to US respondents, upgrading the grid secures the number one spot today and tomorrow.
It’s clear that this legislation is an opportunity to help shape the United States’ future and economy. Itron applauds the bipartisanship that was required to pass this bill, which will enable utilities to create resilient grid infrastructure that can enrich American’s lives while achieving a more resourceful and sustainable world.
By Tom Deitrich, Itron president and CEO
