As the first installment of a training program for staff of the Michigan Public Service Commission and the Michigan Agency of Energy, Richard Sedano explored the history of electricity regulation in the United States and its evolution through today’s markets facing widely-distributed customer generation and ever-increasing shares of renewable energy sources. This foundational workshop looks at key issues such as rate design, rate regulation, integrated resource planning, the role of public utility commissions, and performance-based regulation of utilities, from the perspective of different industry players—utilities, residential customers, regulators, advocates, and commercial consumers. Mr. Sedano encourages regulators to remember that a reform worth implementing uncovers or enables value somewhere in the system, whether on the utility side or the customer side of the meter. Effective power sector reform is always a delicate balance of smart rates, market mechanisms, planning, performance, cost management, and value.