California approves largest ever utility program to expand EV charging

(Reuters) – California on Thursday approved a $ 437 million effort to build thousands of electric vehicle chargers, its utility regulator said, calling it the nation’s largest ever utility program to expand charging infrastructure.

The money will go to utility Southern California Edison (A:) to fund the installation of nearly 40,000 chargers, the California Public Utilities Commission said in a statement.

The program will help the state achieve its goal of putting 5 million zero-emissions vehicles on the road by 2030, the CPUC said.

Half of the investment must take place in low-income communities, and 30% will be dedicated to multi-family residences, where it is more difficult to charge an EV.

Southern California Edison is a unit of Edison International (NYSE:).

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.