Natural gas and electricity markets

W. Walls

No 2014-62, Working Papers from Department of Economics, University of Calgary

Abstract: The natural gas and electric power industries---once the classic examples of natural monopoly---are increasingly being regulated by market forces instead of public service commissions. The emergence of markets in the North American natural gas industry in the mid-1980s resulted largely from the failure of regulation, and a consequence of this regulatory failure was the separation of the energy commodity from its transportation. This simple change in the organization---where the energy commodity was unbundled from its transmission---provides the basis for restructuring natural gas and electricity markets. The natural gas and electricity industries are being transformed so that they more closely resemble a commodity market than a public utility in the move toward market-oriented allocation mechanisms for production, transmission, and distribution.

Keywords: natural gas markets; electricity markets; regulatory restructuring (search for similar items in EconPapers)
Date: 2014-09-23
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Chapter: Natural Gas and Electricity Markets (2009)
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