In California[1] and the US, mature, centralized energy grid infrastructure exists. So, does centralized, carbon intensive electricity supply infrastructure. Transitioning to clean, climate friendly and smarter electricity systems means bringing innovative, capital intensive, and increasingly decentralized power sector infrastructure on stream. National, state and local policy should recognize and address the implications for finance, particularly the need for investments that capture and optimize local economic benefits.
In this regard, we see an urgent need for policy research that informs movement toward a new balance of planning and investment between centralized (Washington, state capitols and Wall Street) and local. Lacking local empowerment, we see decentralization occurring anyway as a natural evolution, with trial and error adding cost and extending time frames.