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ABSRACT Today’s electric power industry is undergoing many fundamental changes due to the process of deregulation. The traditional vertically integrated utility structure is far and wide being replaced by a deregulated structure. The customer who was in the past supplied on a cost of service basis and had very little choice, will now be supplied on a market basis with a wide array of options. However, the deregulated structure has its own pitfalls. This paper provides an overview of deregulation, the reasons for its birth, the changes brought about to accommodate it, the advantages it brought out, and finally its shortcomings. INTRODUCTION “Market Competition is the only form of organization, which can afford a large measure of freedom to the individual. By pursuing his own interest, he frequently promotes that of society more effectively than when he really intends to promote it. I have never known much good done by those who affected to trade for the public good”, stated by Adam Smith in the Wealth of Nations in 1776.
Approximate Word count = 615
Approximate Pages = 2.5
(250 words per page double spaced)
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