R/sub x/ for utilities: management

While an adequate level of earnings is absolutely essential to the well-being of the electric power industry in this country, there is an even more important, and prerequisite, ingredient that must be present to assure the economic health of this key industry, the writer states. A close observer of the industry in his role as a state regulator, he sees effective management as the single factor most determinative of the utilities' future. The test of managerial ability will be its ability to find alternatives to ways of doing business in the past as required by drastically changed circumstances in which the utilities now operate.