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International Benchmarking for Monopoly Price Regulation: The Case of Australian Gas Distribution

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  • Carrington, Roger
  • Coelli, Tim
  • Groom, Eric

Abstract

Price-cap regulation is widely applied to network industries. However, regulators often encounter the problem of asymmetric information on efficient costs. Benchmarking can help reduce this problem. We present a benchmarking analysis, conducted for an Australian regulator, that derives measures of efficiency for Australian gas distributors relative to U.S. counterparts. Several techniques, such as data envelopment analysis and stochastic frontier analysis, are used to ensure that our measures are robust to methodology choice. We conclude with a discussion of how the regulator used the benchmarking results, along with other information, to help it determine appropriate price caps. Copyright 2002 by Kluwer Academic Publishers

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Bibliographic Info

Article provided by Springer in its journal Journal of Regulatory Economics.

Volume (Year): 21 (2002)
Issue (Month): 2 (March)
Pages: 191-216

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Handle: RePEc:kap:regeco:v:21:y:2002:i:2:p:191-216

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Web page: http://www.springerlink.com/link.asp?id=100298

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Cited by:
  1. Ligia Melo & Néstor Espinosa, 2005. "Ineficiencia en la distribución de energía eléctrica: una aplicación de las funciones de distancia estocástica," ENSAYOS SOBRE POLÍTICA ECONÓMICA, BANCO DE LA REPÚBLICA - ESPE, BANCO DE LA REPÚBLICA - ESPE.
  2. Supawat Rungsuriyawiboon & Tim Coelli, 2004. "Regulatory Reform and Economic Performance in US Electricity Generation," CEPA Working Papers Series WP062004, School of Economics, University of Queensland, Australia.
  3. Laurens Cherchye & & Timo Kuosmanen, 2002. "Benchmarking Sustainable Development: A Synthetic Meta-index Approach," Others, EconWPA 0210001, EconWPA, revised 08 Oct 2002.
  4. Mehdi Farsi & Aurelio Fetz & Massimo Filippini, 2007. "Benchmarking and Regulation in the Electricity Distribution Sector," CEPE Working paper series, CEPE Center for Energy Policy and Economics, ETH Zurich 07-54, CEPE Center for Energy Policy and Economics, ETH Zurich.
  5. Ertürk, Mehmet & Türüt-AsIk, Serap, 2011. "Efficiency analysis of Turkish natural gas distribution companies by using data envelopment analysis method," Energy Policy, Elsevier, vol. 39(3), pages 1426-1438, March.
  6. Mark Armstrong & David E.M. Sappington, 2006. "Regulation, Competition and Liberalization," Journal of Economic Literature, American Economic Association, vol. 44(2), pages 325-366, June.
  7. Farsi, Mehdi & Filippini, Massimo & Kuenzle, Michael, 2007. "Cost efficiency in the Swiss gas distribution sector," Energy Economics, Elsevier, Elsevier, vol. 29(1), pages 64-78, January.
  8. Jamasb, Tooraj & Pollitt, Michael & Triebs, Thomas, 2008. "Productivity and efficiency of US gas transmission companies: A European regulatory perspective," Energy Policy, Elsevier, vol. 36(9), pages 3398-3412, September.
  9. Kenta Tanaka and Shunsuke Managi, 2013. "Measuring Productivity Gains from Deregulation of the Japanese Urban Gas Industry," The Energy Journal, International Association for Energy Economics, International Association for Energy Economics, vol. 0(Number 4).
  10. Capece, Guendalina & Cricelli, Livio & Di Pillo, Francesca & Levialdi, Nathan, 2010. "A cluster analysis study based on profitability and financial indicators in the Italian gas retail market," Energy Policy, Elsevier, vol. 38(7), pages 3394-3402, July.
  11. Paulo Moisés Costa & Nuno Bento & Vítor Marques, 2014. "Dealing with Technological Risk in a Regulatory Context: The Case of Smart Grids," GEMF Working Papers 2014-11, GEMF - Faculdade de Economia, Universidade de Coimbra.
  12. Kwoka, J. & Ozturk, S. & Pollitt, M.G., 2008. "Divestiture Policy and Operating Efficiency in U.S. Electric Power Distribution," Cambridge Working Papers in Economics 0835, Faculty of Economics, University of Cambridge.
  13. Paul L Joskow, 2005. "Incentive Regulation In Theory And Practice - Electricity Distribution And Transmission Networks," Working Papers, Massachusetts Institute of Technology, Center for Energy and Environmental Policy Research 0514, Massachusetts Institute of Technology, Center for Energy and Environmental Policy Research.
  14. Chen Lin & Sanford Berg, 2008. "Incorporating Service Quality into Yardstick Regulation: An Application to the Peru Water Sector," Review of Industrial Organization, Springer, Springer, vol. 32(1), pages 53-75, February.
  15. Tim Coelli & Shannon Walding, 2005. "Performance Measurement in the Australian Water Supply Industry," CEPA Working Papers Series WP012005, School of Economics, University of Queensland, Australia.

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