By Michael A. Crew (auth.), Michael A. Crew (eds.)
`Overall the e-book offers the reader with insights into the real concerns concerning the legislation of public utilitites. those who find themselves attracted to a large survey of advancements within the sector will locate numerous chapters valuable. Researchers with pursuits in new paintings in public utilities and their law will locate a lot to stimulate their thinking.'
Small company Economics three, 1991
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Additional resources for Deregulation and Diversification of Utilities
That is why the FCC wants to restrict the use of adjustment clauses to just those inputs whose prices the firm cannot influence. If the contribution of these inputs to total costs is high and if they are few, then including them in such an adjustment clause may make both administrative and economic sense. The administrative burden for the firm and the regulator would be small, and the flexibility gained would be substantial. If the contribution of these inputs to total costs is small, then additional adjustment indices are needed.
Second, in the short and medium term, competition will mean lower prices for competitive services, but this may mean higher prices for the monopolized services. This may be unfortunate for the captive customers. There is no long-run alternative short of entry barriers or subsidies, though. Third, although predation is unlikely to occur under a price cap approach, it cannot be fully ruled out. Using average rates for capped services overall, the regulated carrier might lower its rates in competitive areas below the efficient level and charge fully profit-maximizing rates in monopoly areas with the average complying with the caps.
Now, what happens if some of the services under the constraint are offered in competition to other firms while some services are not? The scope of price caps has to be determined by considerations of competition and equity. Competition can force the firm to choose more efficient prices at any point in time. Under normal circumstances, the constraint should give the regulated firm enough flexibility to handle both competition and price caps. Three problems could arise, though. First, the constraint may not be sufficiently adjusted to the risks of a competitive industry.