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The US energy( gas and electric) utility regulatory model is? now 75 years old.? It was designed for the circumstances,? technologies, isolated economies and unconnected asset classes of the 1930s. ?The utility model was designed? for small, local utilities with generally local ownership and management(once the utility trusts were broken) , a substantial degree of footprint insularity from other franchised footprints and mostly local or regional supply chains.
?? No regulatory model can survive for so long a period. ??The ?model has diverged sharply from market and technological realities while the interests of Wall Street, Utility executives and politicians have converged just as sharply, compromising accountability and oversight. There is nothing special about this divergence/convergence. It happens in most heavily regulated industries.
Market Realities
??? Market realities have now asserted themselves ?in the energy utilities industry and reveal that :

• 1. Management by quantitative models does not succeed for long and is no substitute for management experience, insight and tested judgment.
• 2. There is now, through financial engineering on a global scale, true, deep and potent connectivity in all asset classes and commodities in most parts of the world's economy : no asset is an island, no business is an island and no economy is an island.
• 3. Frequent mark to market accounting of long lived physical assets in inherently cyclical markets such as real camiseta casillas estate, fossil energy reserves, mineral deposits, nuclear power plants, LNG facilities, steel mills is wrong policy and destructive.
• 4. Formal risk management models and risk management theories as practiced today in the energy business do not capture reality and cannot be relied upon for critical decisions.
• 5. Complex, multi-party transactions or agreements or contracts that are unequally understood by all parties involved lead to tremendous risk shifting on the ignorant party or parties and can collapse when the disadvantaged party or parties fail to act or contribute as expected by the more sophisticated or advantaged party.
• 6. Even a medium sized utility(a million customers) faces supply chains that are international and global: eg for raw energy, equipment, capital, software, outsourced services, which means that , increasingly, Management is subject to critical business factors well outside its control while its ambit of decision making is inherently local and experience often parochial. Utility managements are camisetas futbol 2012 mostly composed of men and women who have been with the company for a long time, place a premium on personal chemistry and whose professional experiences are of the single industry-limited geography nature .Once , these were great strengths. Utility cultures and traditions that emphasize "localness", deliberate decision making, slow and long budgeting cycles , mistake avoidance and legacy continuity do not resonate with mutable, apparently capricious and sometimes inscrutable international and global supply chains.

? The forces of the market cannot be resisted for decades. The more the market is resisted via bad/irrelevant management or bad/obsolete regulation or bad legislation or a combination, the more explosive the force with which the market asserts itself and the more destructive the consequences. Markets have scant regard for theories, models, regulations or laws that pretend the unreal is real and the uneconomic is economic.
Utility Industry Issues
??? There are three issues that, in concert, may lead to such significant strain on the current utility regulatory model (in economically and demographically stagnant footprints) that it may buckle and then crash. Of course the model will not fail in all franchises or at the same time. Generally utilities and the utility regulatory model in the South, Mountain states, Southwest? are fairly secure because of favorable demographics and public policy . Nonetheless, failure anywhere will reverberate everywhere.
??? The first issue is credit contraction, which is likely to endure for several quarters. The second is the stacking of special charges and fees on top of commodity rate increases( utility bills reflect the prices of fuel that prevailed 4 to 8 months ago, not current prices, because of? procurement necessities, storage management practices and regulatory strictures? so the consumer price of natural gas and electricity can rise sharply even as spot prices camiseta iniesta are plummeting, which baffles and infuriates consumers; moreover a utility bill is beyond the ability of 99% of consumers to decipher) ?because of proliferating regulatory mandates. The third is increasing customer frustration.