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There's plenty of derestricted bikes and it's not that they just cut out, they're still providing power below all those speeds so in London stop/start they save quite a lot of energy as you don't have to accelerate from every light, every time you weave past slower traffic, etc.
If you saw my power output from this morning's commute compared to a normal one you'd have a good idea of the difference. It was hard work.
I never really thought about racing against an ebike before, but if electric bikes are mostly limited to 25 kph/15.5 mph you just have to go faster than that to beat them. Then you're pushing a normal bike and they're pushing 25 kg of bike plus battery and motor.
Shouldn't be too hard actually as long as you don't have any big hills to ride up or a headwind or whatnot.
That's interesting then, seems like for your average club run one wouldn't be able to keep up on an ebike.