As a renewable, reliable, and cost-effective energy source, hydropower plays a vital role in the electric utility industry. As one of the largest hydropower producers in the Nation, Reclamation holds an influential position in the hydropower industry. Along with our Power Marketing Administration (PMA) partners, we are participating in an industry undergoing profound change. As the electric utility industry is in the process of restructuring - moving closer to a market-driven environment - questions of how future electric energy will be marketed, delivered, and valued emerge. We must position the Federal power resources to excel in this new arena.