The magic of capitalism is that even if incumbents don’t want to lose sunk costs in old power plants, competitors can spring up, make the small capital investments needed for FF plants, and sell power at 1/20th the cost anyway. At which point the incumbents either get with the program or go bankrupt, unless they manage to convince governments to outlaw the competition.
Given the realities of the electric grid and regulated utilities, maybe it’ll actually work out this way: utilities buy and sell FF-produced electricity at regulated rates. FF producers make out like bandits at first, and as they proliferate, state regulators gradually reduce rates. Most likely, they reduce the purchase price faster than the sell price, giving utilities compensation for obsoleted power plants.
The difficulty of converting all vehicles to electric is why I’m interested in using FF to make gasoline.
Home heating is a good point. FF-powered plants could make cheap oil too, but wood and coal might be harder to substitute.
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