In a few short years, merchant power has moved from conceptual opportunity to hardware reality. In this detailed overview, Ann Chambers explains how the spread of utility privatization and deregulation will cause merchant power to proliferate until all power plants will someday represent merchant capacity. She explains how electric and natural gas deregulation enabled merchant power to come to fruition, discusses the economics that enable projects to float (or sink!) in today's open markets, and then offers examples of how merchant phenomenon is being carried out in the U.S. and around the world. Detailed appendices define merchant power terms, spotlight specific projects, and even offer contacts foe those wishing to learn more. Learn How Merchant Plants Operate in a Deregulation Market Understand Risk Management Calculate Merchant Power Financing Review Merchant Program Design Discover New International Opportunities Learn About California's Trendsetting Merchant Power Program Learn How Mercahnt Power Plans Eliminate Financial Obstacles and How Deals are Structured.