market transparency and liquidity becomes essential, and anti-competitive behavior by traders or others must be fought. But that's pretty hard to do against determined cheaters;

Meaning you have to be very, very heavy handed with people who have a lot of money and influence, which is a recipe for corruption and influence disasters in a liberal democracy.

If heavy handed need be, rather be heavy handed with the real task at hand, producing and managing energy.

I'm not a socialist by any mean and I believe than markets work ... most of the time. But for certain things, it doesn't - exhibit A is health care insurance (as opposed to supplying health care itself, where a large private sector can be accomodated as proven by France). IMHO, energy is exhibit B.

Facts, selfish little bastards. They don't even care about your feelings.

on all points.

PUC regulation is like democracy...  The worst possible system except for all the rest.