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In many countries state ownership of public utilities is being abandoned in favour of private ownership with state regulation. To prevent monopoly abuse, regulatory structures are being created for the telecommunications, gas, electricity and water and sewerage sectors. From 1984 the UK privatised its major utilities and introduced a form of regulation that is proving to be a model for other countries. This paper looks at the performance of UK privatised utilities and the role of regulation in imp roving performance. It also considers the important subject of regulatory governance. The paper concludes that regulatory governance depends on the institutional context of regulation and that one country's regulatory system cannot be successfully transf erred to another country with a very different set of institutional constraints without appropriate adaptation. [ABSTRACT FROM AUTHOR]