This book offers a real-world view of the industry, explaining how it operates, how it is structured, and how electricity is regulated and priced. It includes extensive references for the reader and will especially useful to lawyers, government officials, regulators, engineers, and students, as well as the general public. This book explains the physical functioning of electric power systems, the electric power business, in today's environment, and the related institutions, including recent changes in the roles of the Federal Energy Regulatory Commission and the North American Reliability Company.