This work examines the progression of generators and retailers, following electricity deregulation, to vertically integrate (VI) to determine whether all participants might benefit, or because generators are provided with increased market power, electricity consumers in particular could be worse off. The drivers of generators and retailers to vertically integrate are examined, with the lessons learnt applied to the Queensland electricity market. A literature review was first undertaken, with particular reference to the writings of Oliver Williamson. The Queensland analysis...