Commentary: `Stranded Assets': Who Should Foot The Bill?

A $50 billion-a-year battle is raging over a herd of white elephants. Electric and phone companies fear that once deregulated, they will be stuck with annual costs on that scale for the care and feeding of the herd--namely, assets such as nuclear power plants and obsolete telephone switches that are rendered uneconomical by the coming onslaught of competition.

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