Consider a wireless network of transmitter-receiver pairs where the transmitters adjust their powers to maintain a target SINR level in the presence of interference. In this paper, we analyze the optimal power vector that achieves this target in large, random networks obtained by "erasing" a finite fraction of nodes from a regular lattice of transmitter-receiver pairs. We show that this problem is equivalent to the so-called Anderson model of electron motion in dirty metals which has been used extensively in the analysis of diffusion in random environments. A standard approximation to this model is the so-called coherent potential approximation (CPA) method which we apply to evaluate the first and second order intra-sample statistics of the optimal power vector in one- and two-dimensional systems. This approach is equivalent to traditional techniques from random matrix theory and free probability, but while generally accurate (and in agreement with numerical simulations), it fails to fully describe the system: in particular, results obtained in this way fail to predict when power control becomes infeasible. In this regard, we find that the infinite system is always unstable beyond a certain value of the target SINR, but any finite system only has a small probability of becoming unstable. This instability probability is proportional to the tails of the eigenvalue distribution of the system which are calculated to exponential accuracy using methodologies developed within the Anderson model and its ties with random walks in random media. Finally, using these techniques, we also calculate the tails of the system's power distribution under power control and the rate of convergence of the Foschini-Miljanic power control algorithm in the presence of random erasures. Overall, in the paper we try to strike a balance between intuitive arguments and formal proofs.