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.

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Updated 2 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Eniola Odetunde/Axios

  1. Global: Total confirmed cases as of midnight ET: 18,752,917 — Total deaths: 706,761— Total recoveries — 11,308,298Map.
  2. U.S.: Total confirmed cases as of midnight ET: 4,821,296 — Total deaths: 158,249 — Total recoveries: 1,577,851 — Total tests: 58,920,975Map.
  3. Public health: Florida surpasses 500,000 confirmed casesFauci calls U.S. coronavirus testing delays "totally unacceptable."
  4. Business: America's next housing crisis.
  5. States: Virginia launches contact tracing app using specs from Apple and Google.
  6. Cities: L.A. mayor authorizes utilities shut-off at homes hosting large gatherings
  7. Politics: White House, Democrats remain "trillions of dollars apart" on stimulus talks.

L.A. mayor authorizes utilities shut-off at homes hosting large gatherings

Los Angeles Mayor Eric Garcetti speaks during a January event in Los Angeles. Photo: Sarah Morris/Getty Images

Los Angeles Mayor Eric Garcetti announced Wednesday he's authorized the city's Department of Water and Power (DWP) to shut down utilities at locations that host large gatherings during the coronavirus pandemic.

Driving the news: Garcetti's announcement follows a fatal shooting at a house party attended by roughly 200 people last Monday, the Los Angeles Times notes.

Updated 6 hours ago - Technology

Facebook, Twitter take down Trump post saying kids are immune to coronavirus

Photo: NurPhoto/Getty Images

Facebook removed a video post from President Trump Wednesday in which he claimed in an interview with Fox News that children are "almost immune" to COVID-19.

Why it matters: It’s the first time that Facebook has removed content from Trump's account for violating policies on coronavirus-related misinformation.