Table of contents: Executive Summary and Policy Recommendations Introduction Chapter 1. Status and Trends in Power Generation -OECD Europe at Multiple Crossroads -OECD North America Shifts Focus away from Natural Gas -OECD Pacific Tests Roles of Governments and Markets Chapter 2. Diversification for Efficiency, Reliability, and the Environment -Costs and Merits are Balanced Best in a Level Playing Field -Divesification Needed to Secure Efficiency and Reliability -What About Wind Power and Intermittency? Chapter 3. Risk Management in a New Investment Paradigm -Competition Works for Efficient Investments -Risk Management in Competitive Markets -Capacity Measures are the Last Resort Chapter 4. Enabling Investment through Policy Clarity and Regulatory Efficiency -Establishing an Effective Regulatory Framework -Addressing Public Concerns in Power Plant Licensing -Facilitating the Nuclear Option References