Documents
Documents

Co-operation among energy regulators in the European Union

This paper addresses the questions of how and why do European energy regulators co-operate.It is divided into five sections: a description of the legal framewrorks and market structures of electricity and natural gas in the EU; why energy regulators have been introduced by most Member States and why different institutional formats have been adopted; why co-operation among energy regulators is necessary; the main objectives of the Council of European Energy Regulators; the role of regulators within the political and institutional framework of the EU.

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July 3, 2000
Documents

Developments in regulatory principles: the UK experience

Developments in the principles of utility regulation are assessed in the light of UK experience. The incentives-rent extraction model of price regulation, multi-product pricing and access pricing, rules for spot markets, structural regulation and the problem of regulatory commitment are discussed using a unified theoretical framework.

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July 3, 2000
Documents

Response to the MoJ’s legal services review call for evidence

This brief note responds to the MoJ’s call for evidence in the context of its review of legal
services regulation. It is based on past and current work of the Regulatory Policy Institute in
both the legal services sector and more generally across sectors of the UK economy and
internationally. It focuses on general principles rather than on specific detail.

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January 1, 2000
unrecognizable woman walking on pavement between old urban house facades
Documents

Political and regulatory risk: Is it a serious problem? Can it be limited? Report of the Risk Commission

The Regulatory Policy Institute’s Better Government Programme was established to focus on practical proposals for improving accountability and transparency in UK and EU policy and regulatory processes. Consideration of political risk – uncertainty arising from actions or the structure of policy or regulatory processes – falls naturally within that remit and is topical at a time when considerable attention is being paid to risk assessment and management as an integral part of directors’ and financiers’ duties.

The Risk Commission was originally assembled under the aegis of the Social Market Foundation. The work was subsequrntly transferred to the RPI

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January 1, 2000
a view of the whitehall court in england
Documents

Better Government Report: Political and regulatory risk: Summary

Consideration of political risk – uncertainty arising from actions or the structure of policy or regulatory processes – is topical at a time when considerable attention is being paid to risk assessment and management as an integral part of directors’ and financiers’ duties. The RPI assembled a group of politicians, former officials and Special Advisers, and corporate and City specialists to work with us in assessing the evidence.

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January 1, 2000
Documents

The nature of regulatory risk

Regulatory risk is a controversial topic. Firstly, does the presence of an industry regulator create regulatory risk, and, secondly, if regulatory risk does exist, should investors be compensated in the form of extra return? This study investigates these issues for UK regulated businesses, and, importantly, it also investigates whether the notion of regulatory risk should be widened to include the actions of one industry regulator imparting risk upon the whole regulatory sector. Capital market data is collected in connection with an announcement concerning a possible change in the regulatory regime for elctricity companies. We find substantial evidence of a consistent market reaction to the announcement acroos the electricity and water industries, with less compleeing evidence for other regulated companies. The market reaction is not explained as an adjustment for systematic risk. Therefore the conclusions from this evidence are that regulatory risk is present, that this risk may not be confined to an industry, and it is risk that does not require compensation in the form of additional return – it is unsystemic risk.

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July 16, 1996

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