EV Charging Is No Bestseller for Phillips 66

Owners can charge their vehicles for less at home.

March 09, 2021

Electric Vehicle Charging Station

HOUSTON—For Phillips 66, electric vehicle charging is “not a runaway bestseller”, as charging is both slower and more expensive when compared with the cost of at-home charging, according to Horace Hobbs, the U.S. refiner’s chief economist.

As AutoBlog.com reported, less than 2% of the refiner’s 7,000 retail locations in the United States and Europe now have EV charging capabilities. But retailers like Phillips must ask consumers to pay a higher price for electricity than what customers would pay if they charged their cars at home, Hobbs said during a recent fuel conference presentation.

“There’s not a fleet out there today to keep the chargers running at a rate that would support economically putting it in more of the facilities,” Hobbs said.

Phillips has enjoyed better success with electric charging in European urban areas where parking is more expensive, and customers use charging stations as parking spots. While Phillips expects EV penetration to grow in the United States in the future, they believe most users will likely charge their cars at home, according to Hobbs.

“We think that’s the optimal solution—the least expensive electricity and get the most satisfied customer out of it,” Hobbs said.

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