Jim,

The utilities were originally against deregulation. Some consumer extremists pressured for it, and seeing the handwriting on the wall, the utilities just tried to come out with something with which they could survive.

Ill-conceived from the start, and many of us who worked in the industry were fearful of the possible results from the start. I, myself, converted my company stock to other investment funds and, ASAP took early retirement. Boy, am I glad I did it.!!

Kerry