of electricity deregulation in California which has not gone well. The costs of deregulation are huge, as we saw from the spectacularly expensive failure of the savings and loans industry during the Regan – era. So too was the failure of the deregulation of British Rail. In light of some of the reasons I have already set out with regards to the importance of the energy industry to the general well being of the European Economy; a failure of the proposed deregulation would be of catastrophic consequences.
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