Delivered as part of ‘The evolution of UK regulatory policy in retrospect: What has worked well? What hasn’t? What can be learned from experience?’, Annual Competition and Regulation Conference 2016
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.