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Market structure, market rules and market behavior in a competitive electricity industry

The electric power industry around the world has been undergoing a massive restructuring from an industry dominated by vertically integrated, regulated monopolies to a competitive structure. While there are wide variations in the specific market structures adopted or contemplated by different countries and jurisdictions, a common denominator underlying most of the restructuring plans involves separation of the generation, transmission and distribution sectors where generation is competitive and various restructuring paradigms are in the organization of the transmission sector in terms of commercial and operational structure.