Volkswagen is planning to make electric car batteries in order to be competitive with the power companies

FILE PHOTO: the logo of VW and has been shown to be a Volkswagen dealer in Camas, near Seville, in southern Spain, November 5, 2015. REUTERS/Marcelo del Pozo/File Photo

BERLIN (Reuters) – Volkswagen’s (VOWG_p.DE the expansion of electric cars will create new business opportunities in the storage and management of energy, to infringe upon things that are currently dominated by utility and energy companies, as the chief strategist, Michael Jost said on Thursday.

Electric car batteries can be used for the stabilization of the energy grid due to the charging of the battery during times of over-supply and sale of electricity to the grid at times when the supply of electricity from wind and solar power are low, Jost said.

“By 2025, we will have the 350 gigawatt-hours of energy storage at our disposal, using our electric vehicles. Between 2025 and 2030, this will grow to 1 terawatt-hours of storage,” Jost told journalists in Berlin.

“That’s more power than is currently generated by all the hydropower plants in the world. We can assure you that the energy is being used and stored, and this will be a new area of the business.”

The German car maker isn’t alone in looking at this area. German utility E. ON, in cooperation with the Japanese car manufacturer Nissan to develop the so-called vehicle-to-grid (V2G) services.

There was the introduction of the ID 3 for an electric vehicle of the year. A basic version costs less than 24,000 euros ($27,000) in Germany, as one of green car tax credits and incentives are subtracted, which makes electric cars on a par with internal combustion engine types.

Reporting by Edward Taylor; Editing by Mark Potter

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