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"Introduction by Colin Robinson" [2002] ELECD 27; in Robinson, Colin (ed), "Utility Regulation and Competition Policy" (Edward Elgar Publishing, 2002)

Book Title: Utility Regulation and Competition Policy

Editor(s): Robinson, Colin

Publisher: Edward Elgar Publishing

ISBN (hard cover): 9781840648508

Section Title: Introduction by Colin Robinson

Number of pages: 6

Extract:

Introduction
Colin Robinson

In the autumn of 2000 the tenth annual series of Beesley Lectures, named after
the late Michael Beesley, took place. Following the example set by Michael,
the organizers of the series selected lecturers who would apply economic
principles to review some of the most topical issues in utility regulation
and competition policy, complementing their papers with comments from
regulators and ex-regulators. The combination of papers by independent
commentators with remarks from the relevant regulators is a unique feature of
the Beesley series. The papers and the comments, revised by their authors,
appear as the chapters in this volume.
The first chapter is on one of the most significant and innovative
developments in any of the privatized utilities - the introduction of new
electricity trading arrangements (NETA) which bring genuine markets into
electricity and dispose of most of the remaining central controls left over from
nationalization. Professor David Currie, speaking five months before the new
arrangements were successfully introduced (in March 2001), makes a
powerful case for the changes, arguing that NETA moves electricity much
closer to a `normal market' and also instals a governance structure which
`allows for easy adjustment and change'. NETA is, in his view, a big
improvement on the Pool, representing a `major step advance in the direction
of a more competitive and efficient electricity market'.
Callum McCarthy, the electricity and gas regulator, reinforces Currie's
emphasis on the importance of the new arrangements, making two principal
points. First, he argues that, as the ...