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This book is an introduction to the challenges of independent regulation, a new governance institution introduced in developing economies in the wake of liberalization, to perform the role of a surrogate for competitive markets.  It examines, in the Indian context, regulatory interpretation of key provisions of energy laws and regulatory statutes, as manifest in the adjudicatory orders of India’s petroleum and electricity regulators. The objective is to assess regulatory interpretations for consistency with the stated objectives of independent regulation. Comparing regulatory...