Well, in theory removing the hydraulic pump would reduce the mechanical load on the engine which would lead to lower HP losses. Less HP lost would mean you can send more power to the wheels. The power that used to come from the pump can be generated via the alternator. The alternator might add a bit more load to the engine than "normal" but still less than if there was a hydraulic pump attached to the engine.
Theoretically yes... electric power steering can save some fuel.





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