Abstract
Two major regimes for public utilities are regulated private ownership and public enterprise. The UK is switching from one system to the other, and electricity supply is the last and most important of these privatizations. It is the focus of the debate on the merits of price cap (RPI-X) regulation. This paper analyses (RPI-X) provisions in UK electricity transmission, distribution and supply, together with the role of competitive entry to the spot market for generation. It evaluates yardstick competition among distribution monopolies, and addresses the critical issue of whether price capping with regulatory review is really distinct from conventional rate of return regulation.
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