British Utility Regulation: Theory, Practice, and Reform.
The paper considers the design and performance of the new regulatory regime for U.K. utilities. It describes the RPI-X price caps and considers the scope for regulatory discretion and capture. Particular attention is paid to the informational requirements for the determination of prices, the scope f...
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| Format: | Journal article |
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1994
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| _version_ | 1826281047362371584 |
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| author | Helm, D |
| author_facet | Helm, D |
| author_sort | Helm, D |
| collection | OXFORD |
| description | The paper considers the design and performance of the new regulatory regime for U.K. utilities. It describes the RPI-X price caps and considers the scope for regulatory discretion and capture. Particular attention is paid to the informational requirements for the determination of prices, the scope for intervention between periods, the independence of regulators, and the promotion of competition. Five arguments for regulatory reform are identified: regulatory arbitrage; capture; administrative costs; investment, sunk costs, and regulatory hold-up; and political instability. A number of reforms are then proposed. These include: merging regulatory bodies; a common set of financial rules; a common basis for efficiency comparisons; and reforming the MMC and judicial review. |
| first_indexed | 2024-03-07T00:22:54Z |
| format | Journal article |
| id | oxford-uuid:7d274479-6eb8-408c-abb6-f839a09dc996 |
| institution | University of Oxford |
| last_indexed | 2024-03-07T00:22:54Z |
| publishDate | 1994 |
| record_format | dspace |
| spelling | oxford-uuid:7d274479-6eb8-408c-abb6-f839a09dc9962022-03-26T21:01:39ZBritish Utility Regulation: Theory, Practice, and Reform.Journal articlehttp://purl.org/coar/resource_type/c_dcae04bcuuid:7d274479-6eb8-408c-abb6-f839a09dc996Department of Economics - ePrints1994Helm, DThe paper considers the design and performance of the new regulatory regime for U.K. utilities. It describes the RPI-X price caps and considers the scope for regulatory discretion and capture. Particular attention is paid to the informational requirements for the determination of prices, the scope for intervention between periods, the independence of regulators, and the promotion of competition. Five arguments for regulatory reform are identified: regulatory arbitrage; capture; administrative costs; investment, sunk costs, and regulatory hold-up; and political instability. A number of reforms are then proposed. These include: merging regulatory bodies; a common set of financial rules; a common basis for efficiency comparisons; and reforming the MMC and judicial review. |
| spellingShingle | Helm, D British Utility Regulation: Theory, Practice, and Reform. |
| title | British Utility Regulation: Theory, Practice, and Reform. |
| title_full | British Utility Regulation: Theory, Practice, and Reform. |
| title_fullStr | British Utility Regulation: Theory, Practice, and Reform. |
| title_full_unstemmed | British Utility Regulation: Theory, Practice, and Reform. |
| title_short | British Utility Regulation: Theory, Practice, and Reform. |
| title_sort | british utility regulation theory practice and reform |
| work_keys_str_mv | AT helmd britishutilityregulationtheorypracticeandreform |