Before Stoft, the prevailing orthodoxy was simple: break up the monopolies, let the market loose, and efficiency will follow. Stoft shattered this illusion. His central thesis is that electricity is economically distinct from every other commodity, and without specific, counter-intuitive market architecture, "deregulation" leads not to efficiency, but to market power and collapse.
Stoft clarifies that while some believe "market power" is necessary for plants to recover costs, a well-designed market should allow for cost recovery through perfectly competitive prices. Amazon.com Book Structure at a Glance power system economics steven stoft pdf
The text is organized into five primary parts, moving from basic theory to complex network applications: Before Stoft, the prevailing orthodoxy was simple: break
