Severin Borenstein is E.T. Grether Professor of Business Economics and Public Policy at the Haas School of Business and Director of the University of California Energy Institute. He is also an affiliated professor in the Agricultural and Resource Economics department and the Energy and Resources Group at U.C. Berkeley. He received his A.B. from U.C. Berkeley in 1978 and Ph.D. from M.I.T. in 1983. His research focuses on business competion, strategy, and regulation. He has published extensively on the airline, oil and gasoline, and electricity markets, as well as on insurance, e-commerce, mining, natural gas and other industries. Borenstein was a member of the Governing Board of the California Power Exchange from 1997 until 2003 and served on the California Attorney General's gasoline price taskforce in 1999-2000. During 1999-2002, he was co-director of NBER's research project on e-commerce. Most recently, his research hasfocused on the evolving airline industry, real-time retail electricity pricing, and the economics of renewable energy and climate change.