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Why electric vehicles are a big opportunity for utilities

Ben Geman, author of Generate

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

Stef W. Kight, Kadia Goba
20 mins ago - Politics & Policy

Schumer's m(aj)ority checklist

Senate Minority Leader Chuck Schumer. Photo: Tasos Katopodis/Getty Images

Capitalizing on the Georgia runoffs, achieving a 50-50 Senate and launching an impeachment trial are weighty to-dos for getting Joe Biden's administration up and running on Day One.

What to watch: A blend of ceremonies, hearings and legal timelines will come into play on Tuesday and Wednesday so Chuck Schumer can actually claim the Senate majority and propel the new president's agenda.

Go deeper (1 min. read)Arrow
Kadia Goba
2 hours ago - Politics & Policy

The dark new reality in Congress

National Guard troops keep watch at security fencing. Photo: Kent Nishimura/Los Angeles Times via Getty Images

This is how bad things are for elected officials and others working in a post-insurrection Congress:

  • Rep. Norma Torres (D-Calif.) said she had a panic attack while grocery shopping back home.
  • Rep. Jim McGovern (D-Mass.) said police may also have to be at his constituent meetings.
  • Rep. Adam Kinzinger (R-Ill.) told a podcaster he brought a gun to his office on Capitol Hill on Jan. 6 because he anticipated trouble with the proceedings that day.
Go deeper (2 min. read)Arrow
Jonathan Swan, Zachary Basu
2 hours ago - Politics & Policy
Off the Rails

Episode 3: Descent into madness ... Trump: "Sometimes you need a little crazy"

Photo illustration: Sarah Grillo/Axios. Photos: Tom Williams/CQ-Roll Call, Chip Somodevilla/Getty Images

Beginning on election night 2020 and continuing through his final days in office, Donald Trump unraveled and dragged America with him, to the point that his followers sacked the U.S. Capitol with two weeks left in his term. This Axios series takes you inside the collapse of a president.

Episode 3: The conspiracy goes too far. Trump's outside lawyers plot to seize voting machines and spin theories about communists, spies and computer software.

President Trump was sitting in the Oval Office one day in late November when a call came in from lawyer Sidney Powell. "Ugh, Sidney," he told the staff in the room before he picked up. "She's getting a little crazy, isn't she? She's really gotta tone it down. No one believes this stuff. It's just too much."

Go deeper (6 min. read)Arrow