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This chapter is excerpted from ‘A Profile of the Electric Power Industry: Facing the Challenges of the 21st Century'. The electric power industry was traditionally a utility to which people gave little thought. It had stable prices, low business risk, and predictable emerging issues. Great change has shaken the industry. Mergers have resulted in large and powerful companies. Natural gas prices have plummeted and gas is replacing coal as the basis for both electricity production and new capacity. Environmental regulation is in flux. And new technologies are transforming all parts of the industry's value chain. The high cost and new skills demanded by these technologies give rise to unprecedented financial risk. Many of these challenges are addressed in A Profile of the Electric; Power Industry: Facing the Challenges of the 21st Century. This profile presents the current status and future challenges of the industry. It is designed to allow readers to reach independent opinions about the industry's current and emerging status. The profile describes how the industry is organized and how it functions. Several unique aspects are addressed in depth. These aspects include electricity demand, production, capacity expansion, generating technologies, fuels, regulation of both prices and environmental impacts, and retail products. Global climate change, energy efficiency, and the Smart Grid also receive extended coverage to help readers understand the industry's future.