As the new power markets in many countries develop and (hopefully) become well-functioning, management of electricity utilit es should change. We present a set of generation planning models adapted to a price taking generator in a competitive marketsitu ation. In this important special case, prices coordinate decisions of local plant managers, and hence, operational plan ing can be decentralised. Furthermore, we present a model for minimising the risk of the total electricity portfolio, which inclu d e s own generation resources and committed power contracts. This model captures both price risk and other sources of ris .