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58 MICROPOWER: THE NEXT ELECTRICAL ERA FINDING FINANCING 59 sciousness of the importance of highly reliable power for the new Internet economy as a main reason for this sea change in attitude. A widening circle of Wall Street analysts shares his view: Judy Sack of Morgan Stanley Dean Witter believes that “micro-generation...will have decimated the electric distribution monopoly” by the middle of this decade.130 Micropower is already attracting the interest of com- puter industry executives. Capstone’s computer industry investors include Compaq founder Ben Rosen and Microsoft founder Bill Gates, who also holds a 5 percent share of Avista. Microsoft President Steve Ballmer counts “the explo- sion of power available to operate systems” among the main contributors to future changes in Internet infrastructure.131 Micropower venture funds are also appearing overseas FIGURE 6 Venture Capital Investment, U.S. Electric Power Industry, 1970–98 Million Dollars 160 140 120 100 80 60 40 20 0 Source: See endnote 129. ner Maurice Gunderson views the utility industry as sitting roughly where the telecommunications industry sat in 1982, when court rulings and laws were opening the door to a decentralized future but investment capital had not yet flooded the market. (See Figures 5 and 6.) He expects energy venture capital investments to reach $500 million in the next five years, as more utilities recognize that the new market is likely to be small scale and run by many startups: “We’re only at the beginning of the growth curve.”129 Robert Shaw of Aretê Corporation, a pioneer in energy venture investments, concurs that the power sector is “hot” among investors. Pointing to the early-2000 stock surges and the “IPO fever” among financiers hoping to launch initial public offerings for private startups, Shaw cites growing con- FIGURE 5 Venture Capital Investment, U.S. Telecommunications Industry, 1970–98 800 Million Dollars 700 600 500 400 300 200 100 0 Source: See endnote 129. 1970 1972 1974 1976 1978 1980 1982 1984 1986 1988 1990 1992 1994 1996 1998 1970 1972 1974 1976 1978 1980 1982 1984 1986 1988 1990 1992 1994 1996 1998PDF Image | Micropower: The Next Electrical Era
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