Abstract
The Regional Electricity Companies (RECs) in England and Wales have now undergone two regulatory reviews. The first, on their electricity supply businesses, was completed in July 1993 and came into effect on 1 April 1994. The second review, on the RECs’ distribution businesses is the more important, particularly in terms of profitability. The Office of Electricity Regulation's (OFFER's) proposals were published in August 1994. The outcome of this second review will have far‐reaching effects. Bob Westlake and Ron Beckett give their personal view of these effects on both the strategic direction of RECs and on their main stakeholders—customers, shareholders, staff, and the wider community.
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