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Synopsis Governing Power is a pioneering attempt to examine the experience with independent regulation of electricity in India to assess its efficacy as an alternative form of governance. It compares the electricity experience with that of independent regulation in other countries, independent regulatory bodies in India, and old-style regulation by government departments. It evaluates the Indian model in the context of its replication over other sectors of the economy. S.L. Rao's experience of having operationalized the concept in India, as the first Chairman of the Central Electricity Regulatory Commission, provides valuable insights. This book epitomizes the multidisciplinary expertise (linking economics, management, financial and cost accounting, and engineering) that electricity regulatory commissions must harness to effectively regulate the sector, despite high government ownership, strong utility-government linkages, inefficiencies, and weak commercial attitudes. The book tracks the emergence of regulatory law from the orders of regulatory bodies and courts; explores the concept of 'independence' and discusses the accountability of independent regulators (an issue not sufficiently explored till now); and suggests directions for future development of independent regulation. Governing Power is relevant to any environment where independent regulation is introduced, more so in developing economies or where government ownership is dominant. It is extremely relevant to utilities (private and public), regulators, courts, professional managers, accountants, and consultants. It will benefit anyone interested in enhancing the quality of governance.