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Finding the present industry structure incompatible with effective wholesale or retail competition, the New York Public Service Commission (PSC) has issued for comment a set of regulatory principles designed to guide the transi-tion to a more competitive electric industry (Docket C94E0952/94086). It said that the transition requires vigorous fair trade safeguards and forward-looking labor/management relations. Where monopoly exists, performance-based regulation is preferable to traditional rate cases.
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