Why is it vital to invest in the modernization of the power grid? While there are many reasons, two crucial ones are the worsening risks from (1) weather-related natural disasters, with the recent California wildfires providing a high-profile case study; and (2) cyberattacks. The grid has always had vulnerabilities, but the magnitude of these threats is generally on the rise. In a newly released report, incorporating surveys of utility executives and the general public, Itron provides intriguing macro-level perspectives on this issue. Recall, in May we delved into one facet of this issue - power outages - in the context of Bloom Energy. In their own ways, both Itron and Bloom have leverage to this underlying theme, and we are of the view that the theme remains under-appreciated byinvestors.