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Efficiency and Equity in the Transition to a New Natural Gas Market

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  • Thomas C. Gorak
  • Dennis J. Ray

Abstract

Through a series of regulatory decisions and legislative actions, the natural gas industry has undergone a radical transformation. Wellhead prices have been deregulated; interstate pipelines have been recast from merchants of bundled sales and transportation service to sellers of transportation and storage capacity; and supply procurement responsibilities have been shifted downstream to local distribution companies and end users. The transformation was made to foster efficiency improvements from wellhead to burner-tip. This paper reviews the policies that fostered the transition, examines the likely outcomes of those policies, and questions whether the transition has resulted in net benefits to all marketplace segments.

Suggested Citation

  • Thomas C. Gorak & Dennis J. Ray, 1995. "Efficiency and Equity in the Transition to a New Natural Gas Market," Land Economics, University of Wisconsin Press, vol. 71(3), pages 368-385.
    • Handle: RePEc:uwp:landec:v:71:y:1995:i:3:p:368-385
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    Cited by:

    1. Littlechild, Stephen, 2012. "The process of negotiating settlements at FERC," Energy Policy, Elsevier, vol. 50(C), pages 174-191.
    2. Daniel Hollas & Kenneth Macleod & Stanley Stansell, 2002. "A data envelopment analysis of gas utilities' efficiency," Journal of Economics and Finance, Springer;Academy of Economics and Finance, vol. 26(2), pages 123-137, June.
    3. Lam, Pun-Lee, 1996. "Restructuring the Hong Kong gas industry," Energy Policy, Elsevier, vol. 24(8), pages 713-722, August.
    4. Arano, Kathleen G. & Blair, Benjamin F., 2008. "An ex-post welfare analysis of natural gas regulation in the industrial sector," Energy Economics, Elsevier, vol. 30(3), pages 789-806, May.

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