Review of Industrial Organization 22: 333–335, 2003. Book Review Alternating Currents: Electricity Markets and Public Policy, Timothy J. Brennan, Karen L. Palmer, and Martinez A. Salvador, editors, Washington, DC: Resources for the Future Press, 2002, xi, 230 pages. ISBN: 1-891853-07-4 (paper); 1-891853- 52-X (cloth). Alternating Currents is a primer on restructuring the electric utility industry, up- dating A Shock to the System. It opens with a chapter surveying restructuring issues, with the remaining chapters examining these issues in three parts. Part I (ﬁve chapters) examines the industry’s past, including several restructuring exper- iments. Part II (ten chapters) examines the opportunities for, and issues raised by, restructuring. Part III (one chapter) examines the prospects for restructuring. Chapter 1 surveys important restructuring issues that must be addressed by policy makers. These include which aspects to deregulate, responsibility for bal- ancing quantity supplied and demanded, and the implications of deregulation for public power, emissions, and subsidized programs. Part I examines the industry’s past. It begins by laying some groundwork. This includes a discussion of the physical properties of electricity, the vertical stages of production, the opportunities for restructuring, and the players. It then examines important legislation: the Federal Power Act (1935), which
Review of Industrial Organization – Springer Journals
Published: Oct 4, 2004
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