The Federal Energy Regulatory Commission (FERC) initiatives on regional transmission organizations (RTOs) and standard market design give new prominence to the market monitoring institution (MMI), a novel regulatory tool never before contemplated in legislation.1
In regions that have embraced electric industry restructuring, such as New York, New England, and the mid-Atlantic states, where independent system operators (ISOs) have taken over and the standard market design (SMD) has grabbed a foothold over bulk power transactions, one fascinating question still dogs theorists and policymakers alike:
