Possibly. A key concept which many miss is rejected energy.

This is an annually produced energy flow chart from the US NREL.

Why it’s applicable to this conversation is that big gray box in the upper right corner labeled rejected energy. This is energy that came in on the right and was wasted. That’s mostly waste heat from fossil fuels, and as we electrify everything, mostly goes away.

Yes, we need more electricity than we produce today, but a lot less than the barrels of oil equivalent would suggest.

The other thing to remember is that heat pumps replace both heating and air conditioning units, so the capital costs diminish, and as we price carbon appropriately, the cost of running gas furnaces starts turning into extra thousands of dollars over their lifetimes.