The Evolution of the Energy Business

From the Dull, Stagnant, Over-Regulated, Pseudo-governmental to One That Is Market-Oriented, Fully-Commoditized, Partially Regulated, Imperfectly Competitive and Technologically Driven

Authors

  • Leonard S. Hyman Senior Industry Advisor Salomon Smith Barney

DOI:

https://doi.org/10.13052/dgaej2156-3306.1538

Abstract

There is no such thing as an electric, gas, central station, distrib-
uted generation, transmission, regulated or unregulated market, inde-
pendent of other markets. Nor is there a safe, must-run or oligopolistic
market. Customers want reliable, low-cost energy to perform tasks, or
they want someone to figure out how to eliminate or more efficiently
perform those tasks. Every sector of the business competes with other
sectors. Information in the form of prices impels market players to take
action to achieve their goals in the optimal manner. Technology will en-
able them to do so. In short, everything is up for grabs and nothing is safe.

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Author Biography

Leonard S. Hyman, Senior Industry Advisor Salomon Smith Barney

Leonard S. Hyman, CFA, is a senior industry advisor to Salomon
Smith Barney. Previously he was managing director of Fulcrum Interna-
tional Ltd., as well as an independent consultant specializing in the eco-
nomics and finances of energy and telecommunications utilities.
From 1978 to 1994, as head of the Utility Research Group and first
vice president at Merrill Lynch, he supervised and maintained equity
research on foreign and domestic energy and telecommunication utili-
ties. He was a member of privatization teams for offerings of British,
Spanish, Mexican, Argentine and Brazilian utilities and consultant for
other restructuring studies. Prior to joining Merrill Lynch, he was a part-
ner at a New York Stock Exchange member firm and an officer at Chase
Manhattan Bank.
Author of America’s Electric Utilities: Past, Present and Future, author
of The New Telecommunications Industry: Evolution and Organization and
editor of The Privatization of Public Utilities , he has contributed to other
books and to professional journals.
For more than a decade, Mr. Hyman was cited by Institutional In-
vestor as one of the leading research analysts in his field. He is a Char-
tered Financial Analyst (CFA). He holds a BA from New York Univer-
sity, where he was elected to Phi Beta Kappa, and an MA in economics
from Cornell University, where he majored in industrial organization
and minored in Latin American studies.
Salomon Smith Barney, Inc., 388 Greenwich St., New York, NY 10013;
212-816-8508.

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Published

2000-06-17

How to Cite

Hyman, L. S. . (2000). The Evolution of the Energy Business: From the Dull, Stagnant, Over-Regulated, Pseudo-governmental to One That Is Market-Oriented, Fully-Commoditized, Partially Regulated, Imperfectly Competitive and Technologically Driven. Distributed Generation &Amp; Alternative Energy Journal, 15(3), 62–69. https://doi.org/10.13052/dgaej2156-3306.1538

Issue

2000: Vol 15 Iss 3

Section

Articles