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This paper explores the relationship between domestic retail electricity prices in Great Britain and their determinants in the context of various institutional developments, in particular the role of the New Electricity Trading Arrangements (NETA) introduced in 2001 and the role of competition in supply, introduced 1999. The analysis requires a consistent comparison of wholesale series before and after NETA, which we investigate using a range of wholesale price series. Despite its stated intention of reducing prices, we conclude that the net effect of NETA and other arrangements instead merely rearranged where money was made in the system.