Abstract
Dissatisfaction with the performance of cost-of-service regulated or government-owned electric utilitieshas led to dramatic changes in the market structure and rules governing the operation of electricity industries in the United States and worldwide. These restructuring efforts seek to introduce competition to provide incentives for efficient pricing, investment, and operation. The predominant view is that competition is feasible for structurally or functionally separated firms generating (wholesale) and/or supplying (retail) electricity, while transmission and distribution services are most efficiently provided by firms facing alternative (to cost-based) forms of regulation (e.g., price caps). An example of this view is the England and Wales (E&W) electricity market which was established in 1990 and has served as a model for restructuring worldwide.
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