The Power Generation specialty network covers first-party damage issues for all electrical generation, conversion, transmission and distribution systems. Primary operations comprise fossil steam, hydroelectric, combined cycle, waste-to-energy, diesel, alternative fuels and non- hot zone nuclear generation. However, major exposures can also arise from Builders' Risk, CAR, EAR with project scopes from green fields, to renovation and upgrading of existing facilities, to testing and commissioning risks. Additionally, infrastructure systems comprising transmission and distribution lines often create severe natural catastrophe exposures. The key issues that our industry faces are ones of rapidly advancing technology and deregulation (Principally in North America). Technological advances, especially in gas turbines, have led to some substantial losses to the industry over recent years. Understanding the risks associated with all of the latest prototypical equipment is key to the successful underwriting of these exposures. Deregulation has resulted in major changes in the ownership and orientation of the industry. Power generation and distribution are fast becoming "for profit businesses" with all of the subsequent insurance coverage requirements. We regularly see time element and revenue stream coverage that were rare only a few years ago. This evolution changes the dynamics of the business and the associated exposures. Industry underwriting results in Power Generation have been poor in the last few of years. Our challenge is to continue to support our clients in this specialty with an emphasis on being a first choice advisor and provider of reinsurance with a focus on profitability. We have analyzed the key issues as they affect the underwriting of these risks. We have reviewed our own changing experience and that of our industry. By gathering our Global underwriting experience together into a concentrated information sharing network we aim to meet our challenge.