Creaky Grid Will Get Creakier

Back in the dark days of Covid, we wrote a paper that said the electricity industry was spending only a fraction of what it needed to spend to modernize plant and get ready for climate change. Now, more than six years later, industry spending is getting closer to the required number set back then but prices have risen at least one third since then, so necessary capital spending is still far behind. Since then, prospects for new loads have improved, making another reason to worry. Waking up after two decades of torpor and catching up doesn’t…