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At the end of the 1970’s, a wide economic process of privatisation and deregulation has spread over Europe and most of the world. However, in most economies, certain industries have been kept nationalised longer than others have. A large part of those industries had in common to deal with utilities such as electricity, gas… and more generally to be in position of natural monopoly. Baumol defines natural monopoly as “an industry whose cost function is such that no combination of several firms can produce an industry output sector as cheaply as it can be provided by a single supplier”. Basically, it means that for a specific industry, a single supplier will be more efficient than several will. Natural or not, the problem remains the same. Large private monopolies usually end up using their market power to produce below the socially efficient level and therefore are not allocative efficient. In addition to that, price and output can be expected to diverge to a greater extent from their competitive levels the fewer the firms that produce the product for the market. These problems, combined with the privatisation trend, have pushed the economists to search an alternative solution to the simple privatisation. The “response�