The Emerging New Order in Natural Gas

This book...focuses on changes in the natural gas industry from 1987 through 1991, the relaxing of regulatory rules, and the formation of a network industry, which, when allowed to, can act in a competitive manner....The authors test the extent to which markets have evolved under open access by focusing on field, city gate, hub, and futures markets. Based on their findings, a numer of conclusions and policy implications are offered....an innovative approach for analyzing transmission industries. -Journal of Economic Literature ?This book...focuses on changes in the natural gas industry from 1987 through 1991, the relaxing of regulatory rules, and the formation of a network industry, which, when allowed to, can act in a competitive manner....The authors test the extent to which markets have evolved under open access by focusing on field, city gate, hub, and futures markets. Based on their findings, a numer of conclusions and policy implications are offered....an innovative approach for analyzing transmission industries.?-Journal of Economic Literature The public policy implications of this book are profound. What has happened with natural gas can now happen with electricity--an industry three times as large. This rigorous case study...proves once again--consumers are resourceful, entrepreneurs are alert, and markets work. -Robert L. Bradley, Jr., president Institute for Energy Research An illuminating work showing how the public can benefit by ingenious use of the market mechanism to replace government regulation. At a time when regulatory arrangements in natural gas, electricity, and telecommunications are in upheaval the study contributes understanding of the issues as well as promising guides for policy. -William J. Baumol, director C.V. Starr Center for Applied Economics New York University