This report on the NSW electricity industry is published in response to a reference from the Premier under section 12A of the Independent Pricing and Regulatory Tribunal Act 1992. The major focus for this report is the Tribunal's views about appropriate revenue/price paths for the period from 1999/00 to 2003/04 for the six government-owned distribution network service providers (DNSPs) and their associated franchise retailers. The Tribunal also considers the NSW transmission system, even though regulation of that network will be the responsibility of the ACCC from 1 July 1999.