How can real markets promptly and responsibly be advanced? We see two main challenges. The first challenge is to reverse a long-term underinvestment in transmission infrastructure. Although the nation’s high-voltage electric transmission network properly is viewed as a “public good,” investment in the grid is, and long has been, in trouble. The second challenge is to improve upon the uncertain legal and regulatory environment within which the first problem must be solved. FERC’s lack of success in inducing transmission investment with higher equity returns is part of a larger failure of federal law to more clearly delineate the appropriate scope of state and federal authority over the delivery of power and to set policy accordingly.
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