Liberalised Energy Markets Do We Need Re Regulation我们需要重新监管自由化能源市场.pdfVIP

Liberalised Energy Markets – Do We Need Re- Regulation? Michael Kraus Fachhochschule Darmstadt, Hochschule für Wirtschaft und Technik, Fachbereich Wirtschaft, Haardtring 100, 64295 Darmstadt, Germany, kraus@fbw.fh-darmstadt.de Keywords: Electricity Market Liberalisation, Regulatory Economics, New Regu- latory Economics, Benchmarking, Ex-Post-Impact Analysis JEL: L5; L51; L43; K2; O13; N70 Abstract Against the background of energy market reforms and recent electricity market in- cidents and failures, the paper recalls the principles of economic regulation and highlights the methodological difficulties of any ex-post regulatory impact analy- sis. It synthesises theoretical contributions on regulation and describes the regula- tory toolbox, with reference to the electricity market. After definitions and a dis- cussion of the rationale of regulation, the various theories of regulation are described, distinguishing public-interest theories and private-interest theories. The normative regulatory concepts are divided up into the categories of price-based regulation, cost-based regulation (rate-on-return, sliding-scale and return-on-cost regimes), performance-based regulation (price-cap, revenue-cap, yardstick mechanism, Vogelsang-Finsinger and Sibley mechanisms, incremental surplus subsidy scheme), new regulatory economics and benchmarking. The paper re- views attempts in the literature to link electricity market reforms in the United Kingdom and particular market outcomes which reveal that methodological diffi- culties persist and comparatively little attention has been given to regulatory im- pact analysis. Notably, the ex-ante design of a potential ex-post impact analysis would be a useful addition to any new regulatory process. 1 Introduction There is increasing debate whether energy liberalisation has met expectations and resulted in efficient electricity