The Big Pivot

Notes

INTRODUCTION

1. See Gandel, Stephen, “How Con Ed Turned New York City’s Lights Back On,” Fortune CNNMoney, November 12, 2012, for an overview of what ConEd went through that week and afterward, including the estimate of $550 million in expense. The market cap did drop by $2 billion, then recovered over months. But by the end of 2013, the value of the company was back down to its poststorm numbers.

2. “Hurricane Sandy’s Rising Costs,” editorial, New York Times, November 27, 2012.

3. The science on this point is obviously very tricky. Most data now suggests strongly that climate change increases the odds of extreme weather. Jim Hansen of the National Aeronautic and Space Administration uses the metaphor of loaded dice. Putting more moisture ...