The electricity market has experienced enormous setbacks in delivering on the promise of deregulation. In theory, deregulating the electricity market would increase the efficiency of the industry by producing electricity at lower costs and passing those cost savings on to customers. As this book shows, successful deregulation is possible, although it is by no means a hands-off process-in fact, it requires a substantial amount of design and regulatory oversight. This book brings together experts from academia, government, and big business to discuss the lessons learned from experiences such as California's market meltdown as well as the ill-conceived policy choices that contributed to those failures. More importantly, the book that comprise the book offer a number of innovative prescriptions for the successful design of deregulated electricity markets, and provide a deliberation on the many risks and rewards of electricity deregulation.