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The chaotic search for industry structure in the earliest days of electric power transmission ended by the introduction of the magnetic transformer, settling for once (if not for all) the argument of ac or dc. The efficient transformation of energy between voltage levels led to a generation and delivery pattern that lasted more than 60 years: vertically integrated supply companies, steady increases in generator size, plants sited near fuel and/or cooling water, and progressively higher ac voltage lines optimally routed (with help from eminent domain laws). Explores DC transmissions early role in power generation and explores where the technology is headed in the future.