A compelling and heart-wrenching study.
An account of the failure of a major utility company and how it serves as “a harbinger of challenges to come as climate change exacerbates the vulnerability of the [power] grid.”
In this intensely researched, deeply unsettling chronicle of Pacific Gas and Electric, Blunt, a San Francisco–based Wall Street Journal reporter who covers energy and utilities, digs deep into the company’s erosion and collapse. The author begins in the 19th century when the electric light and a massive migration west attracted entrepreneurs, including the founders of PG&E, who built dams to serve California’s exploding population. Even though most states gave utility companies monopolies in their areas, they were still private businesses with stockholders. Guaranteed a modest profit, they remained a stodgy but reliable investment. In 1996, reacting to America’s conservative swing, California’s legislature deregulated the power industry. Suddenly, investors could make big money in the power market, and many sleazy operators did so (see: Enron). Matters improved after a few years, but the industry remained fragmented and fiercely competitive. As always, profit ruled. Investing in capital improvements increases profits, while investment in maintenance is “money out the door”—as such, the infrastructure continued to deteriorate. Over the past decade, warming temperatures, drought, and deteriorating power lines have produced record numbers of catastrophic wildfires, killing hundreds and destroying thousands of homes and millions of acres of forest. Multibillion-dollar lawsuits drove PG&E into bankruptcy in 2019, from which it is now emerging. Most industries suffering massive liabilities go out of business, selling buildings, machinery, and inventory to pay creditors. A utility, legally bound to supply power, can’t do this. It must either borrow money, which customers eventually repay, or bill customers directly. California electric rates are rising steadily, and Blunt delivers detailed accounts of complex, ongoing political, business, and courtroom maneuvers that would overwhelm readers if not for her abundant journalistic skills. But even this plugged-in author cannot deny that PG&E’s problems may be insoluble.
A compelling and heart-wrenching study.Pub Date: Aug. 30, 2022
ISBN: 978-0-593-33065-4
Page Count: 368
Publisher: Portfolio
Review Posted Online: June 7, 2022
Kirkus Reviews Issue: July 1, 2022
Alternately admiring and critical, unvarnished, and a closely detailed account of a troubled innovator.
A warts-and-all portrait of the famed techno-entrepreneur—and the warts are nearly beyond counting.
To call Elon Musk (b. 1971) “mercurial” is to undervalue the term; to call him a genius is incorrect. Instead, Musk has a gift for leveraging the genius of others in order to make things work. When they don’t, writes eminent biographer Isaacson, it’s because the notoriously headstrong Musk is so sure of himself that he charges ahead against the advice of others: “He does not like to share power.” In this sharp-edged biography, the author likens Musk to an earlier biographical subject, Steve Jobs. Given Musk’s recent political turn, born of the me-first libertarianism of the very rich, however, Henry Ford also comes to mind. What emerges clearly is that Musk, who may or may not have Asperger’s syndrome (“Empathy did not come naturally”), has nurtured several obsessions for years, apart from a passion for the letter X as both a brand and personal name. He firmly believes that “all requirements should be treated as recommendations”; that it is his destiny to make humankind a multi-planetary civilization through innovations in space travel; that government is generally an impediment and that “the thought police are gaining power”; and that “a maniacal sense of urgency” should guide his businesses. That need for speed has led to undeniable successes in beating schedules and competitors, but it has also wrought disaster: One of the most telling anecdotes in the book concerns Musk’s “demon mode” order to relocate thousands of Twitter servers from Sacramento to Portland at breakneck speed, which trashed big parts of the system for months. To judge by Isaacson’s account, that may have been by design, for Musk’s idea of creative destruction seems to mean mostly chaos.
Alternately admiring and critical, unvarnished, and a closely detailed account of a troubled innovator.Pub Date: Sept. 12, 2023
ISBN: 9781982181284
Page Count: 688
Publisher: Simon & Schuster
Review Posted Online: Sept. 12, 2023
Kirkus Reviews Issue: Oct. 15, 2023
BOOK REVIEW
BOOK REVIEW
BOOK REVIEW
BOOK TO SCREEN
Occasionally wonky but overall a good case for how the dismal science can make the world less—well, dismal.
“Quality of life means more than just consumption”: Two MIT economists urge that a smarter, more politically aware economics be brought to bear on social issues.
It’s no secret, write Banerjee and Duflo (co-authors: Poor Economics: A Radical Rethinking of the Way To Fight Global Poverty, 2011), that “we seem to have fallen on hard times.” Immigration, trade, inequality, and taxation problems present themselves daily, and they seem to be intractable. Economics can be put to use in figuring out these big-issue questions. Data can be adduced, for example, to answer the question of whether immigration tends to suppress wages. The answer: “There is no evidence low-skilled migration to rich countries drives wage and employment down for the natives.” In fact, it opens up opportunities for those natives by freeing them to look for better work. The problem becomes thornier when it comes to the matter of free trade; as the authors observe, “left-behind people live in left-behind places,” which explains why regional poverty descended on Appalachia when so many manufacturing jobs left for China in the age of globalism, leaving behind not just left-behind people but also people ripe for exploitation by nationalist politicians. The authors add, interestingly, that the same thing occurred in parts of Germany, Spain, and Norway that fell victim to the “China shock.” In what they call a “slightly technical aside,” they build a case for addressing trade issues not with trade wars but with consumption taxes: “It makes no sense to ask agricultural workers to lose their jobs just so steelworkers can keep theirs, which is what tariffs accomplish.” Policymakers might want to consider such counsel, especially when it is coupled with the observation that free trade benefits workers in poor countries but punishes workers in rich ones.
Occasionally wonky but overall a good case for how the dismal science can make the world less—well, dismal.Pub Date: Nov. 12, 2019
ISBN: 978-1-61039-950-0
Page Count: 432
Publisher: PublicAffairs
Review Posted Online: Aug. 28, 2019
Kirkus Reviews Issue: Sept. 15, 2019
SEEN & HEARD
© Copyright 2025 Kirkus Media LLC. All Rights Reserved.
Follow
Popular in this Genre
We can’t wait for you to join Kirkus!
It’s free and takes less than 10 seconds!
Already have an account? Log in.
OR
Sign in with GoogleTrouble signing in? Retrieve credentials.
Welcome Back!
OR
Sign in with GoogleTrouble signing in? Retrieve credentials.
