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Solar electricity is poised to overtake coal in—of all places—Texas
(www.motherjones.com)
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I have no reason to doubt that it was an element, but it seems to me that density of power and being able to place that power wherever it is needed (mines being a good example as you said) were likely a bigger consideration that just wanting to skimp on labour costs. If not why did steam power set off such an explosion of industrialisation?.