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We study the impact of fuel prices, technology innovation, and a CO₂ emissions reduction policy on both the electric power and end-use sectors by comparing outputs from four U.S. energy-economic models through the year 2050. Achieving innovation goals decreases CO₂ emissions in all models, regardless of natural gas price, due to increased energy efficiency and low-carbon generation becoming more cost competitive. For the models that include domestic natural gas markets, achieving innovation goals lowers wholesale electricity prices, but this effect diminishes as projected natural gas prices increase. Higher natural gas prices lead to higher wholesale electricity prices but fewer coal capacity retirements. A CO₂ electric power sector emissions cap influences electric sector evolution under reference technology assumptions but has little to no incremental influence when added to innovation goals. Long-term …