This book presents an integrative and in-depth approach to understanding electricity markets. It combines engineering, economics, and regulatory and public policy, with business analysis. The first part of the book presents the key concepts in these fields relevant to the study of electricity markets. Starting with power engineering basics, the book proceeds to explain how these engineering fundamentals, combined with economic and regulatory theory, are used to design and operate successful electricity markets. With this foundation, business analyses of all sectors of the electric power industry — generation, transmission, distribution, retail supply, energy efficiency, and demand response — are conducted. The second part of the book contains several chapters on advanced electricity market topics that use the integrative approach developed in the first section. These advanced topics include the history of restructured electricity markets, regulating electricity derivatives, and how to run an energy services company.