NARUC 
The National
Association 
of Regulatory 
Utility
Commissioners 
Prepared by the
National Economics
Research Associates
September 2004
Funded by the U.S. Agency 
for International Development
Evaluation of the NARUC 
Regional Energy Regulatory 
Program for Central/Eastern 
Europe & Eurasia and the 
Development of the 
Energy Regulators 
Regional Association
2004
315829.NARUC_P1 11/5/04 7:04 AM Page 1









































































NARUC 
The National
Association 
of Regulatory 
Utility
Commissioners 
Prepared by the
National Economics
Research Associates
September 2004
Funded by the U.S. Agency 
for International Development
Evaluation of the NARUC 
Regional Energy Regulatory 
Program for Central/Eastern 
Europe & Eurasia and the 
Development of the 
Energy Regulators 
Regional Association
2004
315829.NARUC_P1 11/5/04 7:04 AM Page 1