The traditional model of a vertically integrated electric utility subject to formal rate regulation always has exhibited the numerous tensions and difficult trade-offs created by conflicting objectives. In recent years, the sharp increase in American natural gas production has created stiff competition in generation and transmission, as pipelines have become a competitor to long-distance transmission lines. The demands of policymakers for unconventional power-generation capacity, combined with important subsidies and other factors shaping incentives, have further complicated the analysis of efficient market design.
With an opening address by Commissioner Neil Chatterjee of the Federal Energy Regulatory Commission and presentations from four well-known experts, this event will explore the respective benefits and adverse effects of the traditional system and a more competitive model.
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