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There are two reasons why consumers experience a power outage. The first is obvious: a storm comes along and knocks down trees and power lines. That’s what typically happens. But there’s now a second reason for power outages in the United States — there simply isn’t enough electricity to go around.

Power generation in the United States has always been an extremely dependable commodity. But recently, there’s been a startling decline — and both Texas and California have offered previews of this worrying trend. In February 2021, portions of Texas’s natural gas infrastructure and wind turbines froze, leaving utilities without sufficient fuel and generating capacity to meet demand. The ensuing blackouts claimed more than 200 lives.

In California, the challenge over the past two years has been rolling power outages. It’s an increasingly regular occurrence on hot days.

Power grid regulators have been warning that California’s and Texas’ troubles are only a preview of a …