Electric-drive vehicles can provide power to the electric grid when they are parked (vehicle-to-grid power). We evaluated the economic potential of two utility-owned fleets of battery-electric vehicles to provide power for a specific electricity market, regulation, in four US regional regulation services markets. The two battery-electric fleet cases are: (a) 100 Th!nk City vehicle and (b) 252 Toyota RAV4. Important variables are: (a) the market value of regulation services, (b) the power capacity (kW) of the electrical connections and wiring, and (c) the energy capacity (kWh) of the vehicle's battery. With a few exceptions when the annual market value of regulation was low, we find that vehicle-to-grid power for regulation services is profitable across all four markets analyzed. Assuming now more than current Level 2 charging infrastructure (6.6kW) the annual net profit for the Th!nk City fleet is from US$ 7000 to 70,000 providing regulation down only. For the RAV4 fleet the annual net profit ranges from US$ 24,000 to 260,000 providing regulation down and up. Vehicle-to-grid power could provide a significant revenue stream that would improve the economics of grid-connected electric-drive vehicles and further encourage their adoption. It would also improve the stability of the electrical grid.