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Traditionally, vertically integrated investor owned utilities have focused on providing reliable electric service to the customers in their service territory. Their success was based on their ability to balance the needs of all stakeholders: customers, regulators and stockholders. Today the Federal Energy Regulatory Commission (FERC) seems to have a philosophical bias toward large, independent regional transmission operators with stakeholder boards, transparent energy market rules, and financial settlements. These plans for change are all about creating new markets-protecting and encouraging new participants and reducing the barriers for new entrants. But, regional issues must be addressed, reliability must not be compromised, and the end-use customer cannot be forgotten. As an investor owned utility in the Southeast where reliability is good, cost of electricity is 15% below the national average, and customer satisfaction is very high, it is difficult to make the case for change.