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Dauntingly complex questions surround power deregulation in Virginia, but one crucial objection is simple: The state should not further dismantle its reliable, cheap, regulated system when it still doesn't know how - and whether - the new competitive market will work.

Electricity is too important to Virginia's economy and welfare to risk upheaval. But that is exactly what the General Assembly did in legislation directing American Electric Power and other utilities to join regional transmission organizations by Jan. 1. With the State Corporation Commission's hands tied by Richmond as well as Washington, SCC judges reluctantly told AEP it could turn over control of its power lines to PJM Interconnection. That moves Virginia further toward the envisioned huge, competitive marketplace. In theory, AEP's low-cost power eventually will reap big profits while the market's magic lowers prices for Virginians.

The theory is dreamy. However, deregulatory experience in Virginia and elsewhere has ranged from acceptable to dismal to catastrophic. California's flawed approach resulted in corporate manipulation and corruption and a full-blown energy crisis. In Texas, the major utility's rates rose 33 percent.

In addition, the design and details of the competitive market Virginia would join are disquietingly uncertain. Government oversight, protection from price manipulation and other financial sleight-of-hand, transmission fees and cost recovery remain in play, subject to competing, self-interested pressure.

Once rate caps expire in 2010, Virginia consumers could be at serious risk of exploitation.

At the very least, they would lose their low rates, which are so cheap now that even with the Virginia market opened to competition, it has virtually none. Similar rates are unlikely when powerful companies seek to maximize profits on a regional market.

Virginia has little to gain from standing pat, but very much to lose if the General Assembly blindly pushes it into a problematic marketplace.