28 Feb '14, 4pm

Musk Says Renewable Energy Shift to Bring ‘Strife’ for Utilities

The shift to much greater use of renewable energy will bring “some amount of strife for the existing utilities, especially for those invested more heavily in fossil fuels,” Musk, who is also chairman of solar-power company SolarCity Corp., said today at a California Public Utilities Commission event in San Francisco. Tesla, the electric-car maker, based in Palo Alto, California, said yesterday it plans to invest as much as $5 billion to build the world’s largest battery factory. The company is seeking to drive down the cost of lithium-ion batteries used in its cars by at least 30 percent. Tesla also has developed a battery that could be used to provide backup power to homes, commercial sites and utilities, according to a regulatory filing yesterday. Tesla is “working to create stationary battery packs that last long, are super safe and are compact,” Musk said. Musk and his...

Full article: http://www.renewableenergyworld.com/rea/news/article/2014...

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