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The Cost of Power Outages
Among the main causes of these power outages is an aging electricity grid that hasn’t kept up with a changing climate and evolving demands from utility customers. Energy economists are still trying to calculate the full business impact of these outages. One Stanford professor calculated that a single blackout, on October 7, 2019, likely cost small commercial and industrial businesses $2.4 billion. To further understand the scale, consider that the Department of Energy estimates yearly power outages cost the U.S. economy $150 billion annually.