"We're Going To See Brownouts In Major US Cities": Competition For Electricity Is Now An Unstoppable Race

It's what Bank of America's Research Investment Committee (RIC) thinks may be the 7th biggest surprise for 2024 (the full list can be found here). According to BofA's RIC chief strategist, Jared Woodard, in 2024 investors will become "more pragmatic" about the need for reliable, affordable power.

Indeed, now that a brief - and ridiculous - period when anything "ESG" would soar, despite catastrophic fundamentals, the tides have turned and wind and solar stocks have been punished as project economics proved unworkable (Orsted -72% from peak; SolarEdge -77%; Sunrun -82%). And for good reason: on an all-in basis including storage & transmission, the average cost per megawatt-hour for natural gas is $38; nuclear $114; wind $291-504; for solar $413-1,548.