The blackout that struck the Northeast and Midwest of the United States, and portions of Canada, on August 14, 2003, had no simple, single cause, as far as is currently known. However, while this blackout cannot be definitely attributed to the restructuring of the electricity industry in the Midwest, it appears that the restructuring process, especially the unbundling of certain electric services, did create conditions that led to the blackout. This report provides a detailed analysis of such impacts.