Steam turbine cogene ration is "the newe st old technology." It w asonce the main source of our electricity in this countr y, but over the yearsc ompani es ha ve bec ome mor e and more depend ent on large centralizedutil ities to supp ly their electricity. Howe ver , as electricity costs risepl ant s are striving to find new wa ys to stream line the ir ope rations, andlow er their costs: the y are rediscovering cogeneration.Deregulation has also pu shed energ y costs on to the corpo rate ra-dar screen. Under deregulation, it seems clear that as utilities sell offtheir electricity production assets and become "T& D'" (tran smi ssion anddistribution) companies, they int end to ensure that their backs are cov-er ed , Here in Massachusett s, wh ere we' ve experienced "de reg ulation"since March 1998, we find that the lion's share of energy char ges in ournew, more complicated bills, resides T&D.Across the country, the transition to deregulation ha s been un e ven ,and in mo st states there are still el ement s of a regulated mar ket. Mean-whi le, the lur e of a trul y free mark et (and, of course, lower pr ices) ha shad man y electric cust omer s ad opt ing a "wait and see" attitude .