Brokers of Power: The financialization of the U.S. electricity system

About

DR. CONOR HARRISON, ASSOCIATE PROFESSOR OF GEOGRAPHY at the UNIVERSITY OF SOUTH CAROLINA. Dr. Harrison will discuss his book of the same title, newly released with the University of Minnesota Press. The U.S. electricity sector has undergone profound transformation in the twenty-first century, as electricity markets deregulate, coal-fired generation declines, and renewable energy deployment accelerates. Yet the trajectory of this change has been shaped not only by technological innovation and public policy, but also by the growing influence of financial actors. Drawing on case studies—including Winter Storm Uri in Texas—and interviews with participants across the electricity and financial sectors, this presentation examines how private equity firms, investment banks, and financial models have become central to the governance of electric power. Financial institutions now extend well beyond their traditional role as investors: they own generation assets, trade electricity in wholesale markets, monetize renewable energy tax credits, and shape utility strategy. By tracing the financialization of electricity, the presentation argues that the contemporary energy transition is increasingly mediated through financial logics, raising important questions about infrastructure governance, affordability, resilience, and the consequences of relying on capital markets to drive decarbonization.