4. Premises of a new regulatory model
In arguing that there is a case for reexamination of the traditional model
of energy regulation (in electricity and, where similar, gas), we need some starting
points before we discuss the elements of the new model.
In this section I develop four premises on which any new regulatory system
should be based. These are: first, that the lessons learned from the liberalization
period should not be lost; second, that we need to focus on processes not just
outcomes; third, that the economics of climate change should be a key driver; and
fourth that managing uncertainty is the key to successful regulation.
In arguing that there is a case for reexamination of the traditional model
of energy regulation (in electricity and, where similar, gas), we need some startingpoints before we discuss the elements of the new model.
In this section I develop four premises on which any new regulatory system
should be based. These are: first, that the lessons learned from the liberalization
period should not be lost; second, that we need to focus on processes not just
outcomes; third, that the economics of climate change should be a key driver; and
fourth that managing uncertainty is the key to successful regulation.
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