These are exciting times in the energy industry. We see a convergence of trends in society that are driving the transition to a world powered by clean electricity. Wind and solar energy have become large global industries whose products are scaling up now and changing the way power is generated and delivered. They are compelling sources of energy that have been enabled by technology. They produce no carbon emissions, they consume no water, and they are now cost competitive. Renewable energy resources are making an important contribution to meeting the needs of our energy-driven lifestyles.
We see a bright future for electricity. During the coming decades, electricity will become the dominant energy source powering our lives. Consider the transportation sector; the transition to electric-powered cars is already under way. Most major car manufacturers have plug-in or fully electric cars on the market. Why? The answer is simple: the economics are compelling, because people save money with electric cars. Electricity is four times cheaper than gasoline, and electric vehicles cost less to maintain.
In addition to being cheaper than liquid fuels, electricity offers significant environmental benefits when compared to gasoline or diesel fuels. Over time, electricity is getting cleaner as we add more solar and wind energy into the generation fleet. In contrast, oil is getting more difficult and more expensive to extract, located in oil sands or far offshore in deep water.
Electricity will play an increasingly important role in our energy future as electric cars become mainstream. We believe this presents opportunities for companies like Apex, whose energy resources are clean, cost competitive, and can scale to meet rising demand.