> People mention the "unbundling" requirement as if its a panacea, comparing it to what has been done in Europe, but ignore what makes that policy work in places like the U.K.--the company that owns the wires is a sanctioned monopoly, protected from competition, that is guaranteed return on investment through statutory means.

That's called a utility. Why not do it that way? Then you have a market among retailers. Then you don't need regulation because the one's that dick around with your streams can be selected out of the market.