PHILADELPHIA, where I bid farewell to the Norwegian Pearl, a vessel somewhat unfairly blamed for causing a major European power outage. This leads me to return to the topic of energy–market structures and their social effects, “grid is good” as I like to say, and why nuclear generation which serves the grid should be preferred to renewable generation which erodes it. Also, I consider the question of “adversary” versus “co–operative” regulation, in the context of the kind of activity being regulated, and the scope of the regulatory function.