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Modem industrial society functions with the expectation that electricity will be available when required. By law, electric utilities have the obligation to provide electricity to customers in a "safe and adequate" manner. In exchange for this obligation, utilities are granted a monopoly right to provide electricity to customers within well-defmed service territories. However, utilities are not unfettered in their monopoly power; public utility commissions regulate the relationship between a utility and its customers and limit profits to a "fair rate of return on invested capital. " From its inception through the late 1970s, the electric utility industry's opera tional paradigm was to continue marketing electricity to customers and to build power plants to meet customer needs. This growth was facilitated by a U. S. energy policy predicated upon the assumption that sustained electric growth was causally linked to social welfare (Lovins, 1977). The electric utility industry is now in transition from a vertically integrated monopoly to a more competitive market. Of the three primary components (generation, transmission, and distribution) of the traditional vertically integrated monopoly, generation is leading this transformation. The desired outcome is a more efficient market for the provision of electric service, ultimately resulting in lower costs to customers. This book focuses on impediments to this transformation. In partiCUlar, it argues that information control is a form of market power that inhibits the evolution of the market. The analysis is presented within the context of the transformation of the U. S.
Natural gas, a vital primary source of energy for the twenty-first century economy, is poised to play a major role in the medium- to long-term outlook of energy systems worldwide. Its supply to power markets for electricity generation and other energy purposes through the stages of exploration, production, gathering, processing, transmission, and distribution have been a key driver in gas commercialisation over the past two to three decades. This book discusses insights from law and economics pertaining to gas and energy supply contracts, regulation, and institutions. It provides an in-depth ‘law-in-context’ analysis of the approaches to developing competitive and secure gas-to-power markets in an increasingly international, interrelated, and interconnected value chain. Recognising a general move towards structural reforms and economic regulation of gas and energy markets globally, the author incisively addresses the following questions: – Is there a single ‘ideal’ model or approach for ensuring effectiveness in the restructuring and regulation of gas supply to power markets? If not, then what constitutes the matrix of models and approaches? – What are the underlying principles, assumptions, and institutional structures that will enhance the modern approaches to developing competitive, secure, and sustainable gas supply to power markets? – What are the factors that determine or affect the effectiveness and efficiency of such approaches and regulatory frameworks? The book critically explores the instrumental role of regulation and organisational institutions in the restructuring and development of gas supply markets. It examines the evolution of economic approaches to regulation, competitiveness, and security of gas supply in the United States and the United Kingdom. It considers the EU as a supranational union of developed economies and Nigeria as a developing economy, in the process of applying these paradigms of economic regulation and restructuring of gas-to-power markets. In a law and policy environment where training and educational centres, lawyers, and public and corporate energy advisors are becoming more concerned about competitiveness and efficiency in gas resource allocation and pricing – and about high-quality governance frameworks for industries that depend on reliable gas supplies – this vital book will be warmly welcomed by lawyers, policymakers, energy consultants, analysts, regulators, corporate investors, academics, and institutions concerned with and engaged in the business of exploration, production, and supply of gas for energy purposes.
Regulation of the Power Sector is a unified, consistent and comprehensive treatment of the theories and practicalities of regulation in modern power-supply systems. The need for generation to occur at the time of use occasioned by the impracticality of large-scale electricity storage coupled with constant and often unpredictable changes in demand make electricity-supply systems large, dynamic and complex and their regulation a daunting task. Arranged in four parts, this book addresses both traditional regulatory frameworks and also liberalized and re-regulated environments. First, an introduction gives a full characterization of power supply including engineering, economic and regulatory viewpoints. The second part presents the fundamentals of regulation and the third looks at the regulation of particular components of the power sector in detail. Advanced topics and subjects still open or subject to dispute form the content of Part IV. In a sector where regulatory design is the key driver of both the industry efficiency and the returns on investment, Regulation of the Power Sector is directed at regulators, policy decision makers, business managers and researchers. It is a pragmatic text, well-tested by the authors’ quarter-century of experience of power systems from around the world. Power system professionals and students at all levels will derive much benefit from the authors’ wealth of blended theory and real-world-derived know-how.
In a fresh and original account, Lloyd Freeburn challenges the conventional conception of contracts as the consent-based legal foundation of international sports law. The prevailing legal orthodoxy is shown to be untenable, failing to explain or justify international sports governing bodies’ regulatory power or their control over the livelihoods and liberty of participants in sport. The non-consensual jurisdiction of the Court of Arbitration for Sport is similarly tainted. But this significant challenge is not made simply to undermine international sport’s regulatory regime. A sound legal foundation for regulatory authority in sport is both desirable and necessary. Consequently, effective reform is urgently required to support the regime’s legality and to give it legitimacy by resolving the regime’s democratic deficit.
We once thought of cyberspace as a borderless world. As the internet has become increasingly platformized, with a small number of technology giants that dominate the global digital economy, concerns about information monopolies, hateful online content, and the impact on media content creators and creative industries have become more marked. Consequently governments, politicians, and civil society are questioning how digital platforms can or should be regulated. In this up-to-the-minute study, Terry Flew engages with important questions surrounding platform regulation. Starting from the premise that governance is an inherent feature of digital platforms, he argues that the challenge is to develop the best frameworks for balancing external regulatory oversight with the internal governance practices of platform companies. The intersection of media policy, information policy, and economic policy is an important element of policy frameworks, as national authorities increasingly seek to engage with the power of global digital platforms. Lively and accessible, Regulating Platforms is a go-to text for students and scholars of media and communication.
A growing body of EU law and regulation is preoccupied with the protection of EU citizens from health and environmental risks. Which chemicals are safe and should be allowed on the market? How should the EU respond to public health emergencies, such as Ebola and other infectious diseases? Regulatory responses to these questions confront deep uncertainty, limited knowledge and societal contestation. In a time where the use of scientific expertise in EU policy-making is particularly contested, this book offers a timely contribution to both the academic and policy debate on the role of specialised expertise in EU public decision-making on risk and technology as well as on its intertwinement with executive power. It draws on insights from law, governance, political sciences, and science and technology studies, bringing together leading scholars in this field. Contributions are drawn together by a shared theoretical perspective, namely by their use of co-production as an analytical lens to study the intricate interplay between techno-scientific expertise and EU executive power. By so doing, this collection produces highly original insights into the development of the EU administrative state, as well as into the role of regulatory science in its construction. This book will be useful to scholars, practitioners, and policy-makers working on risk regulation and the role of expertise in public decision-making.
In Regulating the Business of Insurance in a Federal System, Joseph F. Zimmerman provides an up-to-date historical description and analysis of the regulation of the business of insurance in the United States. He focuses on the controversial issue of whether Congress should authorize optional federal charters for insurance companies, thereby establishing a dual charter system superficially similar to the dual banking system. Reviewing the evidence between federal and state level regulation of the financial securities industry, Zimmerman finds that federal regulation falls woefully short of its state counterpart. He concludes that the current system, rather than the proposed dual insurance regulatory system, is the most efficient and effective.