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Bringing a concept that is familiar from the mortgage industry into the power sector could do much to lower utilities’ cost of capital while integrating them more fully into the broader capital markets. But getting there will require significant regulatory, legal, financial and engineering innovation. [Copyright &y& Elsevier]

Reliability constraints may have been underestimated in recent economic studies, limiting the extension of theoretical and empirical knowledge and slowing the advance of electricity restructuring. Shedding greater light on the economic characteristics of reliability constraints should contribute to advances in many important areas of power system economics, including design principles and broader energy policy. [Copyright &y& Elsevier]