I was looking at the interactive guide listed in a thread on this board. Under the FAQ section it said that the maintenance cost is anticipated to be lower due to the elimination of compenents, such as power steering hoses and fluid...

I'm sure it has something to do with electric motors, but why is there no power steering hoses and fluid?

Because the TCH (and Prius) uses electric power steering (EPS), not hydraulic power steering The EPS uses a 34Volt system and does away with the power steering fluid, hoses and belt.

More info about the TCH systems are in the Emergency Response Guide

Thanks for the explanation and the links.