This report constitutes our assessment of Guernsey’s utility regulatory system as applied to the regulation of electricity, post and telecoms, and it includes recommendations for change to improve the framework and conduct of regulation. Although initially triggered by issues noted in the April 2010 Requête, the scope of the Review has broadened to take account of other structural, policy and institutional factors. We consider this broadening desirable, as any assessment of the effectiveness of a regulatory regime requires an examination not just of the regulator, but also of the broader policy and institutional structure of government within which regulation operates.