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A new Boston Consulting Group paper is the latest analysis to conclude that EVs present a suite of revenue opportunities for U.S. power companies that play their cards right.

The big picture: The consultancy estimates that the rise of EVs could "create $3 billion to $10 billion of new value for the average utility" that has 2–3 million customers.

By the numbers: They see EVs (plug-in hybrids and pure battery vehicles) accounting for up to 30% of U.S. light-duty vehicle sales by 2030 and up to 12% of vehicles on the road.

What's next: The report sees several primary business opportunities as more people use electricity to travel.

  • "Utilities will earn a return on capital investments in the new grid infrastructure that is required to meet the increased demand from EVs," they note.
  • The report also concludes that there's a major business opportunity for power companies that offer EV-related products and services
  • "They include EV operations and maintenance; the installation, operation, maintenance, and servicing of EV charging points; software solutions for such things as energy management and fleet routing; and consulting services," it states.

Flashback: The report comes on the heels of an Accenture analysis which concluded that sees EVs creating a potential $2 trillion-plus market for utilities in the U.S. and Europe over the next couple decades.

Go deeper

28 mins ago - World

Biden seeks to reboot U.S. sanctions policy

Sanctions increased under Obama and dramatically under Trump. Photo: Tom Williams/CQ Roll Call

The Biden administration is rethinking the U.S. approach to sanctions after four years of Donald Trump imposing and escalating them.

The big picture: Sanctions are among the most powerful tools the U.S. has to influence its adversaries’ behavior without using force. But they frequently fail to bring down regimes or moderate their behavior, and they can increase the suffering of civilians and resentment of the U.S.

36 mins ago - World

Merkel's farewell spoiled by Poland crisis at EU summit

One last awkward EU "family photo." Photo: John Thys/AFP via Getty Images

Angela Merkel took up her vaunted mantle as Europe's crisis manager for what could be the last time tonight, as she urged the EU to find compromise in its showdown with Poland.

Why it matters: The European Commission has threatened to withhold over $40 billion in pandemic recovery funds after Poland's constitutional tribunal — stacked with loyalists from the ruling right-wing populist party — rejected the principle that EU law has primacy over national law.

Republicans who put it all on the line

Rep. Nancy Mace speaks with reporters after voting to hold Steve Bannon in contempt of Congress. Photo: Anna Moneymaker/Getty Images

A small contingent of House Republicans risked their political futures on Thursday, they say, in the name of constitutional responsibility.

Why it matters: The nine Republicans who voted to hold former Trump aide Steve Bannon in contempt of Congress are now in peril of becoming political pariahs. They've opened themselves up to potential primary challengers and public attacks from their party's kingmaker — former President Trump.