by NICK ROSEN on MARCH 7, 2014 - 0 Comments in ENERGY
Utilities’ profits are under threat as never before says The Economist – bible of the financial community in London and New York.
“Who needs the power grid when you can generate and store your own electricity cheaply and reliably?”
General Electric has recently opened an off-grid division bringing together parts of its transport, aviation and engines divisions, to meet what it calls a “$100 billion opportunity”. GE recently installed 24 lorry-engine power generators in Algeria, providing 30MW of power. It took six months, “but we could have done it in ten days,” claimed Lorraine Bolsinger, the corporate bullshit artist who heads GE’s new division.
Morgan Stanley predicts that ever-cheaper solar and other renewable-energy sources, combined with better and more plentiful batteries, will allow businesses and homes to cut out the middle man — the electricity providers. (more…)