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This paper is the outcome of a technical assessment of the current deregulation and restructuring efforts within the United States' electric utility industry. Ongoing issues and problems exist. Hence, regional and political debates are delaying the determination of how the restructured industry should operate, thereby putting its viability and reliability at risk. This paper reviews the state of the environment required for an electric bulk power system (BPS) to operate successfully, and a model for the BPS which meets these requirements. It presents a new model for restructuring the bulk power system to meet the demands of its consumers while addressing present-day deregulation and industry restructuring issues. This proposed restructuring model, or architecture, will ensure cost-effective, reliable electricity for consumers throughout the nation, thus improving our society's security and way of life.