Michael Giberson and Lynne Kiesling continue the discussion of electricity market regulation. The authors challenge the traditional natural monopoly governance framework for electricity markets, arguing instead that competition can improve efficiency. They specifically examine the electricity market in Texas, which they identify as the only US state with a fully competitive market design at both the wholesale and retail levels. They argue that Texas’s policy has encouraged network governance that has expanded investment in transmission infrastructure and new energy generation technologies (such as wind and solar projects).