Abstract
COGENERATION is the process of generating electricity as a by-product of the manufacture of another good, such as paper or steel. By-product electricity can be used by its producers and/or sold to another party. In its original form, state utility regulation made it difficult for nonutilities to sell by-product electricity outside their firm. Under the typical state public utilities act, any sale of power to another party subjects the firm to price and profit regulation, even if the power sale is small and unrelated to the firm's primary line of business. Also, the Public Utility Holding Company Act (PUHCA) prohibits nonutility ownership of utility properties.' In 1978 Congress passed the Public Utility Regulatory Policies Act (PURPA).2 This act exempts cogenerators from state regulation and
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