Abstract
Stranded costs in the electric utility industry—the past costs incurred by incumbent utilities that could not be recovered in a competitive market environment—have been a troubling and troublesome policy issue for electricity deregulation. Although electricity deregulation surely would have proceeded slowly in any event,1 the stranded cost question— who (customers? shareholder-owners?) will absorb the losses in the forthcoming competitive environment?—has clearly slowed the process even further.
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