We construct and study an algebraic theory which closely approximates the theory of power operations for Morava E-theory, extending previous work of Charles Rezk in a way that takes completions into account. These algebraic structures are made explicit in the case of K-theory. Methodologically, we emphasize the utility of flat modules in this context, and prove a general version of Lazards flatness criterion for module spectra over associative ring spectra.
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