Committee on Energy and Natural Resources, Feb. 2002: Analyzing bill to amend the Public Utility Holding Company Act (PUHCA)

Vision is a set of preferences informed by experience, observation, and logic. It is striving's successful result. A regulator's vision depicts five things: (a) standards for utility performance; (b) the industry structures most likely to produce that performance (i.e., Alfred Kahn's "best possible mix of inevitably imperfect regulation and inevitably imperfect competition"); (c) the specific regulatory inducements—and only those inducements—necessary to that performance; (d) the personnel and practices within the commission necessary to design and apply those inducements; and, finally, (e) utilities consistently meeting the regulator's high standards.