Price Level Regulation for Diversified Public Utilities: An by Jordan Jay Hillman, Ronald R. Braeutigam (auth.) PDF

By Jordan Jay Hillman, Ronald R. Braeutigam (auth.)

ISBN-10: 1461289009

ISBN-13: 9781461289005

ISBN-10: 1461316294

ISBN-13: 9781461316299

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Additional info for Price Level Regulation for Diversified Public Utilities: An Assesment

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In particular it does not automatically apply the "functionally related" test as Price Level Regulation for Diversified Public Utilities 27 a basis for revoking the § 3 exemption. Thus, the acquisition of water properties as part of a broader utility acquisition, although recognized by the Commissioners as not permissible under § 11, did not bar continuance of the § 3 exemption. 89 Nevertheless, the SEC's treatment of non-utility diversification in connection with exemptions has generated policy tensions.

A subsequent rate decision to which they might have applied involved Commission approval of a rate stipulation and moratorium in which the royalty issue was not raised. no Whether the asserted rationale for royalties is based on costs incurred or values conferred by the public utility, the result is to create asymmetries of cost and value in the regulated markets. Where the 32 Price Level Regulation for Diversified Public Utilities amount of the royalty varies with revenues (or profits) in the unregulated markets, the revenue contribution to the regulated market is totally unrelated to its output costs.

In purest theory profit level regulation assigns to consumers the risks of cost increases and the benefits of cost reductions, while price level regulation reassigns both to the firm. In turn, the transfer of these risks and benefits effects a major change in the firm's incentives. The central economic goal of profit level regulation is to replicate the theoretical results of competition by equating the firm's total costs and revenues. To the extent this goal is realized the regulated firm is largely indifferent to cost increases and lacks incentive to strive for cost efficiency.

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Price Level Regulation for Diversified Public Utilities: An Assesment by Jordan Jay Hillman, Ronald R. Braeutigam (auth.)


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