During the natural gas pipeline transportation process, gas stream pressure is reduced at natural gas regulation stations (GRS). Natural gas pressure reduction is accompanied by energy dissipation which results in irreversible exergy losses in the gas stream. Energy loss depends on the thermodynamic parameters of the natural gas stream on inlet and outlet gas pressure regulation and metering stations. Recovered energy can be used for electricity generation when the pressure regulator is replaced with an expander to drive electric energy generation. To ensure the correct operation of the system, the natural gas stream should be heated, on inlet to expander. This temperature should be higher than the gas stream during choking in the pressure regulator. The purpose of this research was to investigate GRS operational parameters which influence the efficiency of the gas expansion process and to determine selection criteria for a cost-effective application of turboexpanders at selected GRS, instead of pressure regulators. The main novelty presented in this paper shows investigation on discounted payback period (DPP) equation which depends on the annual average natural gas flow rate through the analyzed GRS, average annual level of gas expansion, average annual natural gas purchase price, average annual produced electrical energy sale price and CAPEX.