Regulation by Contract: A New Way to Privatize Electricity by Fiona Woolf, Bernard Tenenbaum, Visit Amazon's Tonci Bakovic

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In lots of constructing nations, either governments and traders have expressed sadness with the functionality of lately privatized electrical energy distribution businesses. a few traders declare that the layout of the hot regulatory approach is essentially fallacious and suggest that self sufficient regulatory commissions get replaced or supplemented through extra particular 'regulation by means of agreement' that may lessen the discretion of latest commissions.

This paper examines even if legislation by means of agreement or a mixture of legislation via agreement and regulatory independence would supply a greater regulatory procedure for constructing and transition economic system nations that desire to privatize distribution structures.

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Additional resources for Regulation by Contract: A New Way to Privatize Electricity Distribution (World Bank Working Papers)

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Even if distribution tariff setting is susceptible to detailed specification, there are many other regulatory decisions that simply cannot be specified in advance. , market monitoring). Because a regulator is likely to be needed for these other decisions, it is probably more efficient for the same entity also to administer the regulatory contract for distribution tariff setting. 18. 10). ” 19. Captive customers are those who lack access to alternative suppliers and cannot generate electricity at their own facilities at competitive prices.

Once the political decision has been made, however, it has a better chance of surviving if implementation can be handed over to a regulatory entity that is insulated from ongoing shortterm political pressures. After the contract is in place, it is more likely to be administered in a fair and impartial way by an independent regulator than by a new minister who probably was not a member of the government that negotiated the contract. Power Purchase Agreements: a Useful Precedent? Some private investors have argued that there already exists a working model in the power sector for regulation by contract.

The legal system could be designed to be as “tight as a glove” but it will still fail if the substantive elements of the contract mandate actions or impose requirements that are not commercially viable. Moreover, although the contract could be well written, it could just as well be a “work of fiction” if there is a tradition of not honoring contracts. There are no hard statistics, but some knowledgeable observers have claimed that there is a tradition of not honoring contracts within the Brazilian power sector (Maurer, 2001).

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