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Incentive effects of rate-of-return regulation: The case of Hong Kong electric utilities

โœ Scribed by Yoram C. Peles; Greg Whittred

Publisher
Springer US
Year
1996
Tongue
English
Weight
864 KB
Volume
10
Category
Article
ISSN
0922-680X

No coin nor oath required. For personal study only.

โœฆ Synopsis

A comparison of Hong Kong and United States rate-of-return regulation indicates differences in the definition of the rate base and in the proportion of it permitted a fair rate of return. These differences imply that Hong Kong electric utilities utilize proportionately more fixed (less current) assets, and that these assets are financed proportionately more by equity (less by debt), than their United States counterparts. Our results support both these predictions, providing further evidence that since rate-ofreturn regulation is implemented by reference to "reported" results, comparatively minor differences in regulatory frameworks can have quite dramatic consequences for utilities' asset structure and financing mix.

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