The objective of this study is to conduct an institutional analysis of Uzbekistan’s domestic natural gas market in the context of reforms undertaken between 2015 and 2024, with a focus on structural constraints undermining its economic efficiency. The paper introduces the concept of a semi-structured market—an institutional configuration combining centralized control with elements of simulated competition. Based on statistical and comparative analysis, the study examines the outcomes of formal restructuring, partial digitalization of gas metering, and efforts toward tariff liberalization. The findings show that continued vertical integration, limited technological coverage, and rigid price regulation generate persistent institutional barriers to competition, investment, and modernization. The scientific novelty lies in the development of an analytical framework for assessing energy markets in transitional economies through the lens of institutional semi-structuration. The practical relevance is reflected in a set of phased policy recommendations, including functional separation, targeted subsidies, and private capital attraction, informed by international best practices.