Recent Publications
Recent Publications
Recent Publications
Recent Publications
Recent Publications
Recent Publications
Recent Publications
HELM TALKS: A LECTURE SERIES ON REGULATING UTILITIES AND INFRASTRUCTURE
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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