Yep they think they'll use more than all heavy industry, which they also think they'll make obsolete. The plans are for something like, a DC in every city that each uses as much electricity as the whole state currently does. Yes it's completely insane.
But we have figured out how to create electricity without destroying the planet. It's true that we need to actually do that, and that we are to a large degree not doing so at the moment. But that's a problem we already needed to solve. It does make it more important to solve that problem, but it also improves the incentives to solving it (electricity is more valuable now).
