[en] Deregulation of the electric power industry is changing the 'personality' of utilities and the way they operate in order to survive in a more competitive marketplace. This paper will identify and discuss key issues NAC International believes will arise as the nuclear industry responds to deregulation. The regulatory treatment of such issues as retail wheeling, recovery of stranded costs, divestiture of assets and securitization will have a significant impact on how utilities, particularly those with nuclear assets, proceed into the new marketplace. While some will survive as a result of innovative thinking, cost control, and entrance into new niche markets, others will be forced to reassess their viability altogether. Increased mergers and acquisitions and early plant closures are potential consequences of these struggles. Meanwhile, innovative companies will develop and enter into new nuclear markets including most notably the acquisition of generating assets. Other key drivers that will significantly impact the competitiveness of nuclear versus other fuels will be the resolution of the nuclear waste issue, the reduction of O and M and decisions regarding whether to make expensive capital additions. Additionally, this paper will present an overview of key regulatory and legislative initiatives impacting electricity. Finally, this paper will examine the roles of regulating bodies such as the Nuclear Regulatory Commission, Federal Energy Regulatory Commission, and state utility commissions, and will provide an outlook for further legislative and regulatory actions in this competitive environment. (author)