The restructuring of the power industry has already begun and will be fully implemented in the United States and many other countries by the beginning of the 21st century. Unlike other sectors of the economy, restructuring of the utility industry requires a careful analysis because of the nature of the real-time operations. This book addresses the problems inherent in such a task in a cohesive manner. The topics discussed include currently evolving market structures, mechanisms for implementation of the market requests, price incentives and transaction adjustments, and secure and optimal operation of the system under open access. Many technical, economic and regulatory questions related to making services market-based are addressed, and transmission provision-related market power problems are analyzed in considerable detail. The contributors are drawn from academia and industry and are internationally recognized in their fields. Power Systems Restructuring: Engineering and Economics will be an invaluable resource for power systems engineers, educators, system operators, managers, planners and researchers working in the field.