Reforming reliability standards: A perspective from economics.

The NERC Construct for the development, implementation and enforcement of the NERC reliability standards is analyzed from the perspectives of the economics of the public sector. The public policy solutions to the inherent market failures in providing for electric reliability in the NERC Construct are found to be at odds with the theory of the public sector. Recommendations for change in the NERC Construct are developed and postulated. [ABSTRACT FROM AUTHOR]