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Electric industry restructuring has been an activity not free from difficulties. The California energy crisis of the summer of 2000, the world crisis after September 11, as well as the implosion of Enron have raised questions about the future of electricity restructuring. As a policy matter, the move to reduce command-and-control regulation of the electric industry and to promote competition enjoys widespread support. The industry, however, is not one that can be totally deregulated. This Article argues that the California and Enron crises may slow restructuring, but restructuring should continue as a matter of sound industrial policy. In addition, the crisis of September 11, while raising questions about the future of our energy policy, shouid have no bearing on the continuation of restructuring. The central problem with restructuring is the fact that transmission networks continue to have natural monopoly characteristics. Consequently, as transmission networks continue to be privately owned and controlled, problems of transmission price discrimination, fairness, and reasonableness must be addressed before restructuring can succeed.