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How can the concept of public value influence U.K. utility regulation?

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  • Cave, Martin
  • Wright, Janet

Abstract

There is much recent debate about extending the purposes of investor-owned firms to embrace the broader interests of a variety of stakeholders. Regulatory decisions in network industries already involve extensive use of centralised social cost-benefit analysis to capture some aspects of public value. A gap remains that might be filled by a decentralised process in which the regulator supports firms in expanding their purposes to include the pursuit of public value, identified by regulated firms in collaboration with consumers and citizens, and delivered in innovative and entrepreneurial ways. Based on a preliminary case study, we conclude that the approach has a role, but its success depends critically upon the companies fully embracing the revised purposes.

Suggested Citation

  • Cave, Martin & Wright, Janet, 2021. "How can the concept of public value influence U.K. utility regulation?," Utilities Policy, Elsevier, vol. 72(C).
    • Handle: RePEc:eee:juipol:v:72:y:2021:i:c:s0957178721001144
    DOI: 10.1016/j.jup.2021.101280
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    References listed on IDEAS

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    1. Edmans,Alex, 2021. "Grow the Pie," Cambridge Books, Cambridge University Press, number 9781009054676.
    2. Clifton, Judith & Fuentes, Daniel Diaz & Warner, Mildred, 2016. "The loss of public values when public shareholders go abroad," Utilities Policy, Elsevier, vol. 40(C), pages 134-143.
    3. Hart, Oliver & Zingales, Luigi, 2017. "Companies Should Maximize Shareholder Welfare Not Market Value," Journal of Law, Finance, and Accounting, now publishers, vol. 2(2), pages 247-275, November.
    4. Doucet, J. & Littlechild, S., 2006. "Negotiated Settlements: The development of economic and legal thinking," Cambridge Working Papers in Economics 0622, Faculty of Economics, University of Cambridge.
    5. Doucet, Joseph & Littlechild, Stephen, 2006. "Negotiated settlements: The development of legal and economic thinking," Utilities Policy, Elsevier, vol. 14(4), pages 266-277, December.
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    Cited by:

    1. Poulter, Helen & Bolton, Ronan, 2023. "Embedding broader values in the regulatory model: An analysis of Ofgem's consumer value proposition for the natural gas distribution sector," Utilities Policy, Elsevier, vol. 80(C).
    2. Mehmood, Asad & De Luca, Francesco & Quach, Hao, 2023. "Investigating how board gender diversity affects environmental, social and governance performance: Evidence from the utilities sector," Utilities Policy, Elsevier, vol. 83(C).
    3. Valenza, Giuseppe & Damiano, Rodolfo, 2023. "Sustainability reporting and public value: Evidence from port authorities," Utilities Policy, Elsevier, vol. 81(C).

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