Introduction 1. The regulated electricity industry 2. The EPA steps in 3. The rise and fall of demand side management 4. Congress acts, investors react 5. The economists are coming, the economists are coming 6. The Energy Policy Act of 1992 7. Jump into the power pool 8. What hath FERC wrought? 9. Reorganization on the eve of deregulation 10. The emergence of independent power producers 11. The politics of electricity deregulation 12. The creation of wholesale electricity markets 13. Pushing markets – order 2000 14. Great expectations 15. Darkness, darkness 16. California and market power 17. FERC and market power in California 18. Two steps forward, one step back 19. The FERC cracks the whip 20. The Energy Policy Act of 2005 21. Wired 22. Playing the piper 23. Leave the lights on 24. How much is too much? 25. From small things big things one day come 26. Blinded by the light Conclusion