Over the past 10 years, $9T has been spent globally on electrification, however Michael Cembalest points out that renewables’ share of final energy consumption is still advancing at only 0.3-0.6% per year

From Ed Conrad.

"Remember this key aspect of the energy transition: until an energy use is electrified, it’s hard to decarbonize it using green grid electrons. And while grid decarbonization is continuing at a steady pace, the US has made little progress increasing the electricity share of final energy consumption. One major obstacle: transmission line growth is stuck in a rut, way below DoE targets for 2030 and 2035. Another obstacle: shortages of transformer equipment, whose delivery times have extended from 4-6 weeks in 2019 to 2-3 years. Around 70 million transformers step voltages up and down across the US grid and require special steel to reduce power losses. Half of all US transformers are near the end of their useful lives and will need replacing, along with replacements in areas affected by hurricanes, floods and wildfires. Transformer manufacturing investment by Schneider Electric and Hitachi North America should help, eventually."