This paper presents the results of an empirical investigation of whether there is any difference in the cost incurred by public utilities if they issue new equity through a negotiated or competitive underwriting. We conclude that the expected cost of a competitive offer is less than the expected cost of a negotiated offer, but that the variance of the cost is substantially greater with a competitive offer. These results are interesting because most public utilities use negotiated underwriting unless forced by regulation to use competitive offers. This paper is also an addition to the growing agency theory literature.