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Privatisation and liberalisation of network utilities

  • Newbery, David M.

Privatisation of utilities is about ownership rather than control. Liberalisation can induce greather improvements in performance than privatisation alone. Regulation id inevitably inefficient, and adequately competitive network services may improve efficiency. History indicates that regulated vertical integration is durable so that liberalisation may be hard to sustain. Theory and evidence suggest that pricing network access and use is difficult., risking foreclosure without regulation. Progress in modelling competitioon over, for and between networks is reported. the English electricity industry demonstrates the importance of entry conditions and contracts, and the gains from restructuring are estimated.

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Article provided by Elsevier in its journal European Economic Review.

Volume (Year): 41 (1997)
Issue (Month): 3-5 (April)
Pages: 357-383

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Handle: RePEc:eee:eecrev:v:41:y:1997:i:3-5:p:357-383
Contact details of provider: Web page: http://www.elsevier.com/locate/eer

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  1. Dieter Helm & Andrew Powell, 1992. "Pool prices, contracts and regulation in the British electricity supply industry," Fiscal Studies, Institute for Fiscal Studies, vol. 13(1), pages 89-105, February.
  2. Mark Armstrong & Simon Cowan & John Vickers, 1994. "Regulatory Reform: Economic Analysis and British Experience," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262510790, August.
  3. von der Fehr, Nils-Henrik Morch & Harbord, David, 1993. "Spot Market Competition in the UK Electricity Industry," Economic Journal, Royal Economic Society, vol. 103(418), pages 531-46, May.
  4. McAfee, R Preston & McMillan, John, 1987. "Auctions and Bidding," Journal of Economic Literature, American Economic Association, vol. 25(2), pages 699-738, June.
  5. Kaserman, David L & Mayo, John W & Pacey, Patricia L, 1993. "The Political Economy of Deregulation: The Case of Intrastate Long Distance," Journal of Regulatory Economics, Springer, vol. 5(1), pages 49-63, March.
  6. David E. M. Sappington & Joseph E. Stiglitz, 1987. "Privatization, information and incentives," Journal of Policy Analysis and Management, John Wiley & Sons, Ltd., vol. 6(4), pages 567-585.
  7. Green, R., 1996. "The Electricity Contract Market," Cambridge Working Papers in Economics 9616, Faculty of Economics, University of Cambridge.
  8. Vickers, John, 1995. "Competition and Regulation in Vertically Related Markets," Review of Economic Studies, Wiley Blackwell, vol. 62(1), pages 1-17, January.
  9. Powell, Andrew, 1993. "Trading Forward in an Imperfect Market: The Case of Electricity in Britain," Economic Journal, Royal Economic Society, vol. 103(417), pages 444-53, March.
  10. Klemperer, Paul D & Meyer, Margaret A, 1989. "Supply Function Equilibria in Oligopoly under Uncertainty," Econometrica, Econometric Society, vol. 57(6), pages 1243-77, November.
  11. Green, Richard & Newbery, David M G, 1991. "Competition in the British Electricity Spot Market," CEPR Discussion Papers 557, C.E.P.R. Discussion Papers.
  12. David M. Newbery, 1995. "Power Markets and Market Power," The Energy Journal, International Association for Energy Economics, vol. 0(Number 3), pages 39-66.
  13. Armstrong, M., 1996. "Network interconnection," Discussion Paper Series In Economics And Econometrics 9625, Economics Division, School of Social Sciences, University of Southampton.
  14. Kaestner, Robert & Kahn, Brenda, 1990. "The Effects of Regulation and Competition on the Price of AT&T Intrastate Telephone Service," Journal of Regulatory Economics, Springer, vol. 2(4), pages 363-77, December.
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