With a concession, the government grants to a private firm or consortium the exclusive rights to operate, maintain and manage the entire system for an extended period of time. The basic system is still owned by the public, but the private concessionaire owns all improvements and extensions. The operating requirements placed on the private firm are contained in a concession agreement that details all of the performance expectations that need to be met in order to maintain the concession in effect. The concessionaire sets the rates for the service under the regulatory requirements of the government. Unless neutral, informed regulation is provided, a concession arrangement will not work. For the rights to operate the system and reap the profits from such operations, the private firm may be required to pay an initial and/or annual concession fee to the government, and to commit to certain levels of investment over the course of the concession period. The concession yields total operational responsibility to the private consortium for the length of the concession without transferring or selling the assets. The U.S electrical sector serves the public under these arrangements.