Thank you for your question.
I think those are great examples of the transformation that we've seen in other countries. Some countries are going from not having a developed electricity system at all to suddenly seeing rapid development in that space. If you look back 100 or 150 years here in Canada, you see that we did not have an electricity system.
Yes, it is a significant transformation. We are talking about significant low growth over time, but there are two elements that work in favour and mean that electric utilities actually like transportation electrification.
First of all, it's not going to happen overnight. Some people like to talk about what would happen if everybody switched to an EV tomorrow; that's simply not going to happen. Even if we hit 100% of new sales in 2035, it would take until about 2050 before the entire fleet was electric; that fleet turnover time gives utilities a long runway to react to this transition.
More importantly, utilities see EVs as a very flexible load. Most people want an EV with 500 kilometres of range, but they drive only 50 kilometres a day, and it takes about one to two hours per day to charge for that. Most people plug in at 6 p.m. and unplug the next day at 6 a.m. or 7 a.m. There's a lot of flexibility in when that charging can happen, and that's really the key ingredient that allows utilities to turn EVs into a net benefit in the grid. It's a flexible load that can accommodate and shift away from when the grid is already at full capacity and maximize the use of variable sources of renewable energy.