[thinkski]

There’s a continuous tension between capacity and load. We’ve been fortunate that technology (and untapped resources) have largely placed capacity above load for much of our lifetimes. Spare capacity tends to be followed by an increase in load. Remains to be seen if technology advances can keep capacity above load. If not, load will decrease, either gradually or drastically, one way or another.

It’s really a restatement of supply and demand. Prices that are free to respond to an imbalance between the two keep the two in balance. Prices have been low for a long time because capacity has been high / load has been low. As load increases faster than capacity, expect prices to increase,