According to Tesla Motors Inc TSLA 0.28% CEO Elon Musk, utility companies have nothing to fear from the company’s new Powerwall home batteries line. Musk spoke to a gathering of utility executives this week, easing their fears that Powerall batteries pose a threat to their business.

Why Utility Companies Should Be Cheering, Not Fearing

Musk assured utility executives that the vast majority of U.S. Powerall customers will be using the batteries only as a backup in the event of a conventional power failure rather than as a primary source of energy, which could cut into utility sales.

Not only did Musk argue that utility companies shouldn’t be fearing Tesla, he explained that the rising popularity of electric cars, such as Tesla’s Model S, will help triple demand for power in the next several decades. Musk believes that more than two-thirds of that increasing power demand will be met by traditional utility companies.

Media Confusion

Musk also mentioned…

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