RAP Senior Advisor, Michael Hogan, summarized the main features of a wholesale power market, from the physical and historical context from which the market evolved to the day-to-day mechanics of how a wholesale market matches supply with demand reliably and at least cost, including the main areas of interest for regulators.The presentation was part of the 10th annual summer course for regulators at the Energy Regulators’ Regional Association in Budapest, July 11th 2012.