Borenstein, Severin; Bushnell, James - National Bureau of Economic Research (NBER) - 2015
Prior to the 1990s, most electricity customers in the U.S. were served by regulated, vertically-integrated, monopoly … utilities that handled electricity generation, transmission, local distribution and billing/collections. Regulators set retail … electricity prices to allow the utility to recover its prudently incurred costs, a process known as cost-of-service regulation …