Back in 1965, a region-wide power outage darkened the entire Northeast and suddenly the U.S. electricity industry discovered it had a reliability problem. A scant eight years later, two mideast oil embargoes (1973, 1978) again demonstrated U.S. electric system vulnerability, but this time to oil supply shocks. It took 20 years of elevated capital spending—during a period of high inflation and high interest rates, the Vietnam war, nascent environmentalism, and social and political turmoil—to fix the utility system’s problems of…
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