This is the latest book in the annual series published by the IEA and the London Business School, which critically reviews the state of utility regulation and competition policy. The strength of the series is that each chapter is followed by a comment by the relevant regulator or a prominent expert in the field. This new volume contains chapters on a number of prominent concerns, including changes in the British system of utility regulation, the spectrum allocation question, liberalisation of EU energy markets, security of supply issues, reform in the European postal sector, the future of rail regulation, the cost of capital and Ofcoms strategic approach to regulation.