For more than a decade, the electricity market has stood still on a growth basis. Electricity generated (measured in kwh) rose 3.8% from 2010 to 2022, or 0.3% per year while the US economy grew 2.0% per year. That is a picture of stagnation, is it not? But electric companies managed to grow more than sales, financially. Pretax operating income rose 8.0% in the same period, or 0.6% per year. Okay, not that great either. But now for the growth: total assets rose 76.9%, or 4.8% per year. (See Figure 1.) Figure 1. Electricity generated ( trillion kwh),…
