As trillion dollar bailouts are being handed out like gameday bobbleheads, it might not surprise you to learn that another industry is using the T-word.

The electricity industry has released a report finding that the country's electric infrastructure needs $1.5-2 trillion in upgrades through 2030 in order to "maintain today’s high levels of reliable electric service across the United States."

Called Transforming America's Power Industry, the study examined four scenarios ranging from business as usual to energy efficiency improvements and carbon controls. For the business-as-usual (reference) case, the authors predicted the need for 214 gigawatts of generation capacity, with a price of $697 billion. Energy efficiency and demand reduction programs could require only half the GWs and cost around $590 billion.

Adding federal carbon controls, says Brattle, would bump up new generation demand back up to 216 GW at a cost of $951 billion. All of the scenarios include $880 billion in transmission and distribution upgrades (including "smart grid" technologies).

The President’s Council of Advisors on Science and Technology is also pushing (pdf) to put big bucks into electric power, in part because "a shift to PHEVs and EVs will eventually require a large increase in electric generating capacity."

To reduce oil demand, decrease electricity demand, and put a cap on carbon, we won't be able to use the same old grid, and in reality we've been living on borrowed time with our existing infrastructure for decades. It will take a bit of reconstructive surgery. But if big 'lectric really does need a $2 trillion facelift, don't expect the power companies to be footing the bill alone.

Photo by Flickr-er Kyle May