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This article describes the advanced state of the transition to a competitive natural gas market and attempts to predict the manner in which the transition to a competitive electricity market will unfold over the next few years. The Federal Energy Regulatory Commission (FERC) was able to control the pace of the gas transition. It could take one major step and then pause for a year or two to observe the results of that step before it decided on the next logical step. The FERC has much less ability to control the pace of the electricity transition. the pace of the electricity transition will be determined primarily by the combined effects of thousands of uncoordinated actions taken by hundreds of public and private actors - state and local consumer groups, municipally-owned distribution systems, state and local governments, and regulated and unregulated generating companies. As a result, the FERC is likely to discover that it needs to sprint to catch up with the rapidly evolving and largely unplanned electricity transition. The FERC has very little time in which to resolve many difficult issues with respect to the shape of the post-transition electricity market in order to realize the full social benefits potentiallymore » available as a result of the transition to a competitive electricity market.« less
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