Electric company annual reports describe technological risk in the vaguest of terms, asserting that firms face numerous, generalized risks— boiler plate to provide legal cover just in case something happens, such as an ET invasion. What specific risks do the companies face? You’ll never know from reading their reports. Anyway, it often takes years for something to happen in the utility industry, so why bother worrying now? Brokerage reports, generally optimistic, focus on a utility’s rate base g...