WELCOME TO HELM TALKS: A LECTURE SERIES ON THE ECONOMICS OF UTILITIES

   COURSE OUTLINE:

LECTURE ONE: The Economics of Utilities 

-       SLIDES

-       Time inconsistency

-       Natural monopoly

-       Market power

-       Externalities

-       Government failures

LECTURE TWO: Regulatory Models

-       SLIDES

-       The regulatory licence vs. Contracts

-       Rate of return regulation

-       Price caps & RPI-X

-       State and municipal ownership

-       System operator models without periodic reviews

LECTURE THREE: The Cost of Capital

-       SLIDES

-       The price of time and the risk free rate

-       The price of risk

-       The stages of risk – development, securitisation

-       The WACC and its incentive problem

-       Dividend growth model

-       The uplift cost of capital

-       Indexation

 

LECTURE FOUR: The Regulated Asset Base 

-       SLIDES

-       Solutions to time inconsistency

-       Risk-free RABs

-       The initial stakes & customers equity

-       RAB revision rules

-      Depreciation, CCA accounting & capital maintenance

 

LECTURE FIVE: CAPEX

-       SLIDES

-       The incentive problem

-       Changes in exogenous circumstances

-       Risk in delivery

-       Revision rules, updating and new requirements

-       Competitive bidding

-       System evaluation

LECTURE SIX: OPEX

-       SLIDES

-       Defining OPEX

-       Comparative efficiency measures and yardstock competition

-       Comfortable costs & the licence functions

 

LECTURE SEVEN: Financial Ring Fencing, Licences and Special Administration

-       SLIDES

-       The duty to finance functions

-       Treatment of exogenous shocks

-       Gearing rules

-       Special administration & selling on licences

LECTURE 8: The Regulators' Divergent Paths

-      SLIDES

-       Water

-       Electricity & gas

-       Rail

-       Communities

 

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