Tesla Battery Jolts Shares Higher While Disrupting Power
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Tesla Motors Inc.’s plan to boost battery production by building what Chief Executive Officer Elon Musk calls a “gigafactory” may do more to transform the power industry than it does to advance the electric car.
Utility customers throughout the U.S. have already begun turning to battery storage and solar panels as a way of reducing electricity bills and their dependency on local power companies. The trend threatens the more than 100-year-old monopoly utility business model that books about $360 billion in annual power sales.