In the 1990s, regions around the world started to restructure their power markets. Competitive market structures were introduced in place of traditional vertically integrated utilities. Our researchers were at the forefront of analysis on how these markets work and what could go wrong. This work led to the establishment of the Center for the Study of Energy Markets (CSEM), funded in part by the California Energy Commission. CSEM produced 94 research and policy working papers, expanded the annual POWER Conference on Energy Research and Policy, held numerous policy conferences and academic seminars and convened energy economists to discuss new research ideas.