Introduction

The California power crisis is so sudden and serious that it is prompting policymakers in many countries as well as other U.S. states to look for lessons that can be applied to the reform of their own power sectors. Concerned policymakers around the world are asking: If things can go so badly wrong with a reform that did not involve wholesale privatization of the electricity supply industry in such a rich and sophisticated economy, what are the implications for much less well-endowed countries embarking on the full menu of reform including privatization? When a power ...