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The Natural Gas MarketSixty Years of Regulation and Deregulation$
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Paul MacAvoy

Print publication date: 2001

Print ISBN-13: 9780300083811

Published to Yale Scholarship Online: October 2013

DOI: 10.12987/yale/9780300083811.001.0001

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An Introduction to Regulation and the Performance of Gas Markets

An Introduction to Regulation and the Performance of Gas Markets

(p.1) Chapter 1 An Introduction to Regulation and the Performance of Gas Markets
The Natural Gas Market

Paul W. MacAvoy

Yale University Press

This chapter provides an overview of natural gas distribution systems from wellhead to transportation, and distribution to final consumer at federal regulated rates at wellhead and transportation service required for delivery. The Federal Power Commission (FPC) acted as a regulatory authority to protect consumer interest. A detailed discussion on regulation under FPC, its goals, and wellhead price regulation are presented. The impact of regulatory practice produced a shortage and surplus of the gas market supply. The Federal Energy Regulatory Commission initiated a restructure in buy–sell relationships among production, transmission, and distribution companies followed by partial deregulation and gradual price decontrol at wellhead and transportation. The gas was unbundled from transportation and the consumer was able to contact wellhead in an open, unregulated market with gas marketers to bypass gas ownership by pipeline companies.

Keywords:   natural gas, consumer, regulatory authority, price regulation, deregulation, gas distribution, regulation

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