Developing economies are struggling to build energy infrastructure to support industry and bring electricity to far-flung villages. At the same time, industrialized economies are straining to balance conflicting demands for more power while decreasing the environmental impact. Finding ways to meet the rising demand for energy without plundering natural resources poses one of this century’s greatest global challenges.
As a graduate student, I had a life-changing conversation with a professor. He emphatically pointed out that, although supply and demand determine the price of goods, it is the total cost of the energy used to produce the goods that determines the cost of goods.