 The FERC created a level playing field for competitive markets, ensuring equal access to transmission grids and encouraging states to require utilities to sell off power plants and gradually eliminate regulator-set rates in favor of prices determined by the markets.In 1996, FERC Order 888 deregulated portions of the electric power market.In 1997, the ISO created a management system for the regional bulk power system and proposed new wholesale markets and ensure access to transmission systems.