The Regulation of electricity markets worldwide: when theory meets practice
Article from: OGEL 3 (2003), in Electricity Law and Regulation
Summary
There was a theory - or was it a dream? - that the era of so-called de- regulation of electricity markets would spell the end of regulation. Practice, however, is very different. Indeed the term 'de-regulation' should never have been used, because in practice we need regulation in two quite different situations: In a monopoly we need regulation to constrain a monopoly, in particular, by setting the price; Equally, in a competitive market, we need regulation to ensure the operation of competition and, in particular, that it sets the price. For ...