Mighty Morphin Power Rearrangers

Deregulation will transform the industry--and continue to pinch profits

`Exciting, intense, and fun": That's how a prominent electric-utility executive describes his job these days. Surprised? If you thought electricity was about as thrilling as dentistry, look again. A three-year-old drive toward deregulation is causing new upheavals, from cut-rate pricing to an unprecedented surge in mergers.

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