"I am literally trying to scare people because it is actually scary, and if we don't do something about it, then we have a very realistic chance of rationing and blackouts."
- Kathryn Porter
New po...
The blackout risk is downstream of fifteen years of negative real rates. When capital was free, power plants with 10-20 year paybacks couldn't compete with financial engineering, so nobody built baseload capacity. Now real rates are positive, capital costs have doubled, and the grid is running on infrastructure decisions made during a monetary regime that no longer exists.