In the early 1990s, certain powerful politicians believed that deregulation was a good idea. It had seemingly worked in the airline industry: Air fares dropped dramatically once the airlines were freed to go their own way. So these politicians, who apparently never understood the purpose behind regulating certain industries in the first place-and who must have slept through the troubled deregulation of the phone companies-began to wonder if the electric industry might not thrive under less government attention.
Businesses that believed they were paying too much for electricity, along with consumer advocates who wanted to end the stranglehold that monopoly utilities held over customers, jumped on the bandwagon. Numerous investor-owned utilities went along with the concept, seeing deregulation as a way to accelerate depreciation of assets and escape regulatory scrutiny.
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