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Mark Chediak: Why Elon Musk's batteries scare the hell out of the electric company

The Tesla founder's so-called gigafactory may soon become an existential threat to the 100-year-old utility business model

Mark Chediak 

Mark Chediak Here's why something as basic as a battery both thrills and terrifies the US utility industry. At a sagebrush-strewn industrial park outside of Reno, Nevada, bulldozers are clearing dirt for Tesla Motors' battery factory, projected to be the world's largest. Tesla's founder, Elon Musk, sees the $5-billion facility as a key step toward making electric cars more affordable, while ending reliance on oil and reducing greenhouse gas emissions. At first blush, the push toward more electric cars looks to be positive for utilities struggling with stagnant sales from energy ...

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First Published: Sun, December 07 2014. 22:48 IST