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The bird in hand: Stipulated settlements in the Florida electricity sector

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  • Littlechild, Stephen

Abstract

In the last quarter century, stipulated settlements between the electric utilities and the Office of Public Counsel have largely superseded the traditional method of litigation before the Florida Public Services Commission. Some have opposed settlements. But consumers have gained from reductions in electricity revenues worth over $3Â billion, which are greater or earlier than would have otherwise occurred. The utilities have benefited from commitments by parties outside the scope of the Commission, and from a more flexible accounting policy. Most importantly, stipulations have changed the form and nature of regulation: away from a conventional rate of return approach to a fixed-price approach, and later away from incentive schemes with profits caps to stronger and more enforceable incentive schemes without profit caps.

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Bibliographic Info

Article provided by Elsevier in its journal Utilities Policy.

Volume (Year): 17 (2009)
Issue (Month): 3-4 (September)
Pages: 276-287

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Handle: RePEc:eee:juipol:v:17:y:2009:i:3-4:p:276-287

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Web page: http://www.elsevier.com/locate/inca/30478

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Keywords: Stipulations Settlements Consumer advocate Regulation;

References

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  1. Doucet, Joseph & Littlechild, Stephen, 2006. "Negotiated settlements: The development of legal and economic thinking," Utilities Policy, Elsevier, vol. 14(4), pages 266-277, December.
  2. Joskow, P.L., 1989. "Regulatory Failure, Regulatory Reform And Structural Change In The Electric Power Industry," Working papers 516, Massachusetts Institute of Technology (MIT), Department of Economics.
  3. Littlechild, S., 2007. "The bird in hand: stipulated settlements and electricity regulation in Florida," Cambridge Working Papers in Economics 0713, Faculty of Economics, University of Cambridge.
  4. P. Joskow, 1974. "Inflation and Environmental Concern: Structural Change in the Process of Public Utility Price Regulation," Working papers 128, Massachusetts Institute of Technology (MIT), Department of Economics.
  5. Zhongmin Wang, 2004. "Settling Utility Rate Cases: An Alternative Ratemaking Procedure," Journal of Regulatory Economics, Springer, vol. 26(2), pages 141-163, 09.
  6. Nillesen, Paul H. L. & Pollitt, Michael G., 2001. "Becoming a Best-Practice Company: The FPL Story Revisited," The Electricity Journal, Elsevier, vol. 14(9), pages 96-101, November.
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Cited by:
  1. Littlechild, S., 2011. "Regulation, customer protection and customer engagement," Cambridge Working Papers in Economics 1142, Faculty of Economics, University of Cambridge.
  2. Littlechild, S., 2011. "Merchant and Regulated Transmission: Theory, Evidence and Policy," Cambridge Working Papers in Economics 1160, Faculty of Economics, University of Cambridge.
  3. David Sappington & Dennis Weisman, 2010. "Price cap regulation: what have we learned from 25 years of experience in the telecommunications industry?," Journal of Regulatory Economics, Springer, vol. 38(3), pages 227-257, December.
  4. Littlechild, Stephen C., 2012. "Australian airport regulation: Exploring the frontier," Journal of Air Transport Management, Elsevier, vol. 21(C), pages 50-62.

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