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Reform, Not Revolution, is What is Needed Now for Yardstick Competition

Author

Listed:
  • Crocioni Pietro

    (2055 Centre for Management Under Regulation , Warwick, UK)

  • Silos Ribas Mateo

    (Financial Conduct Authority, London, UK)

Abstract

Yardstick competition as a tool to set the prices of regional natural monopolies is now an established tool. After 30 years of application to the water industry in England and Wales, this article takes a critical look at how yardstick competition has been implemented in the latest Price Review 2019 (PR19). It proposes reforms to ensure that in the next Price Review 2024 (PR24) and/or beyond the efficiency challenges are appropriately set and the degree of information at the regulator’s disposal is maximised.

Suggested Citation

  • Crocioni Pietro & Silos Ribas Mateo, 2024. "Reform, Not Revolution, is What is Needed Now for Yardstick Competition," Review of Network Economics, De Gruyter, vol. 23(1), pages 27-63.
    • Handle: RePEc:bpj:rneart:v:23:y:2024:i:1:p:27-63:n:1001
    DOI: 10.1515/rne-2024-0019
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