Competition in wholesale markets and an increased demand for power have lessened the reliability of the nation's electric grid, and as a result, electric utilities are expected to make a major investment in the power grid over the next five years, according to a survey by GF Energy, an energy-consulting firm. The Washington, D.C.-based company surveyed 72 U.S. and Canadian industry officials between Oct. 22, 2003, and Nov. 13, 2003, for its “2004 Electricity Outlook.” While the majority of the U.S. executives who participated in the survey reported that transmission is where the most capital will be spent, questions still remain as to how much generation will be needed to support this expansion. Three quarters (76%) of the U.S. leadership believes it will take more than three years for the merchant generation sector to rebound.