Abstract
The public policy of “unbundling” has been a prominent part of regulatory reform of the gas industry both in Europe and the United States. Two different austere unbundlings of the US gas pipeline system – one imposed rigidly by Congress in 1935, one voluntarily accepted by pipelines decades later (and later brilliantly modified by the regulator) – were prerequisites for North America's uniquely competitive gas market that fully blossomed after 2000. This paper traces the economic and institutional roots, stretching over decades, of those US pipeline unbundling efforts and contrasts those efforts to current legislated unbundling efforts in Europe.
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