Retail Wheeling: Is This Revolution Necessary?

Retail wheeling is the (new) standard for free competition in one of the few areas the deregulation boom has left untouched. The champions of retail wheeling’s potential efficiency are eager to point out the flaws of burdensome regulation. Yet, these same voices neglect to consider the serious consequences of completely free competition, especially in the context of infrastructure. Supreme Court decisions from another earlier period of heavy deregulation, especially Munn v. Illinois, suggest an apt approach to the regulation of infrastructure in its “affected by public interest” formulation.