Perspective

A face-to-face interview with FERC Chairman Pat Wood III.

Bold. Fearless. Relentless. These are the words now being used by both critics and supporters to describe Federal Energy Regulatory Commission Chairman Pat Wood III.

FERC's recent policy initiatives and directives mark a strong shift from what was last year regarded as a more reluctant commission.

In recent months, FERC has taken on highly contentious issues such as interconnection standards, regional transmission organization membership, and market power and reliability, in a way that is unprecedented, analysts say.

Perhaps because of the lack of movement by Congress on the energy bill, or the addition of two new commissioners, FERC has shown itself willing to sacrifice political capital, endure legal challenge, and even pre-empt Congress to meet its objectives.

What has prompted this sudden change in tenor at FERC, and what does it mean for the industry? Executive Editor Richard Stavros, in an exclusive interview, talks to the man at the center of the storm and asks what the commission has in store for the electric utilities industry in 2004 and beyond.

Fortnightly: After the blackout, transmission investment has been sub-optimal. At what point should regulators step in and require upgrades?