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84 Tul. L. Rev. 379 (2009-2010)

handle is hein.journals/tulr84 and id is 383 raw text is: The Political Economy of Energy and Its Implications for Climate Change Legislation Jim Rossi* Public choice themes have aisen throughout the history of US energy regulation and continue to be relevant today, particularty with widespread discussion of deregulation and increased attention to climate change. This Article surveys how public choice themes are relevant to understanding a host of issues of importance to the electnc power industry today, including the structure of the industry the signiticance of wholesale markets, and the &vision of regulatory power between state and federal authorities. The Article highlights how an unde5tnding of how public choice has contributed to these features of the electric power industry will prove important to the successes and failures of national climate change policy I. INTRODUCTION ............................................................................. 380 H. RENT SEEKING IN STATE AND LOCAL REGULATION OF ENERGY AND THE POLmCAL ECONOMY SOURCES OF CONSTRAINED TRANSMISSION .................................................... 382 A. Public Utility Regulation: Market Failure or Rent Seeking ?. ............................................................................. 383 B. Public Choice, the Stability of the Regulatory Contract and Taditional Doctrines of Public Utility L aw ..................................................................................... 388 III. THE GROWTH OF NATIONAL REGULATION: PUBLIC CHOICE, FEDERALISM, AND LOGROLLING N ENERGY LEGISLATION ................................................................................ 397 A. Public Choice and Federalism in Energy Policy .............. 397 B. Logrolling and National Energy Legislation .................... 401 IV PUBLIC CHOICE AND ENERGY DEREGULATION ........................... 404 A. Public Choice and the Politics ofDeregulation ................ 405 B. Government Failure Versus Market Failure in Evaluating Market-Oriented Energy Policies ................... 412 C New Challenges for Public Lawin EnergyMarkets ........ 416 1. Filed Rate D octrine .................................................... 416 2. Skepticism About New Forms of Anticompetitive State Regulation ............................. 421 V C ONCLUSION ................................................................................ 427 * © 2009 Jim Rossi. Harry M. Walborsky Professor and Associate Dean for Research, Florida State University College of Law. Readers may contact the author by e-mail atjrossi@law.fsu.edu. 379

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