Market Structure and the Pricing of Electricity and Natural Gas

Christopher Knittel

Journal of Industrial Economics, 2003, vol. 51, issue 2, 167-191

Abstract: US Electricity and natural gas markets have traditionally been serviced by one of two market structures. In some markets, electricity and natural gas are sold by a regulated dual‐product monopolist, while in other markets, electricity and natural gas are sold by separate regulated single‐product monopolies. I analyze whether electricity and natural gas prices depend on the market structure and compare these results to the predictions of a number of theories. The results are most consistent with the political economy theories suggesting that regulators respond to interest group activity.

Date: 2003
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