Perspectives and Directions of the Electric Power Industry in the Next Millennium

The beginning of the Third Millennium marks a substantial change in the philosophy as well as practice of all the functions of the traditional power industry. While no one can predict the future, one can understand the forces and trends shaping it. It is already evident that the old structure of vertically integrated power systems has been replaced by a system comprised by chaotic equilibria which may be described by nonstationary differential equations which are very hard to master. To put it otherwise — turbulence and insecurity are unavoidable. This transition whose bellwether is information technology implies creative destruction, restructuring of existing industries and is forming network organizations.