Investor-owned utilities might seem fairly robust, but they’re not impervious to unpredictable black-swan events. Ensuring the industry’s survival might depend on our ability to reduce our dependence on fragile and unsustainable regulatory structures.

Blackstone and NRG acquire Dynegy assets; Constellation grabs Boston Generating; Exelon gets Deere Renewables; plus details on nearly $7 billion in bond offerings during the month of August, including: a two-tranche, $2 billion issue by Chesapeake; NRG’s $1.1 billion flotation; and major issues from Sempra, Edison International, FPL, Detroit Edison, Dominion and others.

Itron deploys meter modules throughout Black Hills territory; Siemens to supply gas turbine packages to Mississippi Power; Cisco acquires Arch Rock for IP-based wireless smart metering applications; eMeter closes $12.5 million private-equity round; Enspiria helps NV Energy secure approvals for smart grid plan; American Superconductor invests in wind-turbine blade manufacturer; DOE selects 22 carbon-capture and storage projects for R&D funding; Petra Solar wins Sandia matching grant; plus announcements from Johnson Controls, Tantalus, Cooper Power, ComEd, UISOL, Convergys, SOLON and more

In the new world of the smart grid, security isn’t a destination. It’s a sustained effort with ongoing investments across core areas of the utility enterprise.

Utility systems are responsible for a large share of wildfires that damage billions of dollars worth of property and threaten the safety of people and wildlife. Wildfire threats have escalated in recent years, prompting utilities and regulators to develop a more rigorous approach to mitigating the risk. Leading utilities are establishing new standards of care that eventually will evolve into national best practices.

The industry might be overlooking a source of capital for smart-grid and similar investments. Funds collected in depreciation accounts for cost-of-removal liabilities could finance capital spending projects.

With incentives under the Treasury grant program set to expire at the end of the year, green-power development once again seems to be entering the bust phase of its perennial boom-bust cycle. Statutory deadlines presage a surge in new construction beginning between now and the end of the year. What happens after that depends on Congress.

Customer backlash over dynamic pricing and the smart-grid caught the industry unprepared. CIOs and top customer specialists share their strategies for engagement and attaining consumer satisfaction.

Utilities, long accustomed to regulation by FERC and state PUCs, now face extensive regulation of their energy trading activities by the Commodity Futures Trading Commission (CFTC). Under the Wall Street Reform and Consumer Protection Act—commonly known as Dodd-Frank—signed into law July 21, 2010, energy swap contracts may be subject to new capital, margin, reporting, business conduct, and other requirements that likely will increase their trading costs and create new compliance concerns.

Utilities are taking advantage of a sweet spot in the capital markets, pre-funding and refinancing at record low rates. But cheap money won’t resolve overhanging uncertainties preventing cap-ex projects and M&A deals. Greater certainty in America’s economic and policy outlook will clear a path for strategic change.