دانلود رایگان مقاله لاتین صنعت آب و فاضلاب از سایت الزویر
عنوان فارسی مقاله:
بازنگری: بهره وری پویا در صنعت آب و فاضلاب انگلیسی و ولز
عنوان انگلیسی مقاله:
Reprint of: Dynamic efficiency in the English and Welsh water and sewerage industry
سال انتشار : 2016
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بخشی از مقاله انگلیسی:
2. Regulation of the water industry
The English and Welsh water and sewerage industry in 1989 consisted of ten water and sewerage companies (WaSCs) and 29 water only companies (WoCs). Privatisation has seen a series of mergers and acquisitions resulting in ten WaSCs and nine WoCs within the industry. The companies are vertically integrated monopolies undertaking all activities of the value chain. WaSCs undertake both water and sewerage activities and WoCs only undertake water activities. Water services are provided by a single company that extracts, treates, distributes and retails the water whereas for sewerage activities a company collects, treats and disposes of the sewerage. WaSCs are considerably larger than WoCs undertaking 78% of water supply to the population and serve 85% of the total area of England and Wales [30]. The local provider of water and sewerage services is a monopoly; therefore Ofwat regulates prices through the use of price-cap regulation based on RPIþK which allows companies to change prices according to the inflation rate (RPI, Retail Price Index) and a K factor determined by the regulator. The K factor has two components: a positive component which allows for price increases to accommodate large investment programmes and a negative component (X-efficiency) which reflects Ofwat's estimate of the scope for efficiency improvements. Ofwat's determination of the K factor is based on a building block approach to determine the “Required Revenue” which involves the individual assessment of utility operating costs, capital charges and return on capital. The first price-cap was set by the Government at the start of privatisation in 1989 and subsequent price reviews have been undertaken by Ofwat every 5 years in 1994, 1999, 2004 and 20093 . The allowed level of operating costs is determined through the use of yardstick competition and menu regulation. Ofwat analyses operating expenditure (opex) and capital expenditure (capex) separately. Operating expenditure is subject to an efficiency challenge which is decomposed into an industry efficiency challenge for continuing efficiency improvement (technical change) and a catch-up factor to the frontier company. The catch-up factor is determined through a suite of econometric and unit cost models which are used to calculate the company's relative efficiency. Based upon these efficiency scores firms are banded and given an efficiency challenge to catch-up 60% of the difference from the benchmark company4 . Firms are further incentivised to improve efficiency between the five-year price reviews, if companies outperform their efficiency challenge the benefits can be kept for the five years. Capital expenditure was evaluated through the use of yardstick competition, using econometric models and unit costs. In the 2009 price review capex was analysed through the use of menu regulation which encourages firms to submit realistic and well evidenced capital planning schemes. Ofwat determines an independent baseline, and provides incentives for firms to outperform. The companies have the incentive to outperform their efficiency target through a symmetric efficiency incentive on the level of over and under spend. The incentive rate is based upon the ratio of Ofwat's baseline and the company's business plan. Opex is recovered within the period; however capex is added to the Regulatory Capital Value (RCV)5 which earns a return based upon Ofwat's assumptions of the cost of capital. A fair return on capital is required to attract investment within the industry. The 2014 price review to set prices for 2015–2020 is partly designed around eliminating the presence of the perceived capex bias. Ofwat [27] defines the capex bias as the view that companies within the industry have an inappropriate preference for expenditure on capital assets over day-to-day operational expenditure. [8] state that the bias is believed to exist for three reasons. Firstly, there are the different financial incentives created by examining capex and opex separately. Secondly, the presence of what is termed as the Averch–Johnson effect; which arises if the allowed rate of return is higher than the true cost of capital [3]. Thirdly, the culture of the sector is one that is focused on capex solutions and infrastructure to meet future demand.
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کلمات کلیدی:
Capital Utilisation and Scale in the English and Welsh Water Industry ... www.tandfonline.com/doi/abs/10.1080/02642060308565628 by JK Ashton - 2003 - Cited by 28 - Related articles Jun 16, 2008 - The data used cover 20 English and Welsh water companies. ... acquisition amongst water companies are justified in terms of cost efficiency. Impact of regulation on English and Welsh water-only companies: an ... https://www.ncbi.nlm.nih.gov/pubmed/28580544 by M Molinos-Senante - 2017 - Related articles Jun 3, 2017 - Impact of regulation on English and Welsh water-only companies: an ... On average, WoCs reported relatively high efficiency levels, which ... Assessing the relative efficiency of water companies in the English ... link.springer.com/article/10.1007/s11356-015-4804-0 Assessing the relative efficiency of water companies in the English and welsh water industry: a metafrontier approach. Authors; Authors and affiliations. Determining the contribution of technical change, efficiency change ... link.springer.com/article/10.1007/s11123-007-0040-z by DS Saal - 2007 - Cited by 214 - Related articles Jun 21, 2007 - The water and sewerage industry of England and Wales was ... for the impact of technical change, efficiency change, and scale change. [PDF]Regulated Competition and Cost Efficiency in the English and Welsh ... www.diw.de/sixcms/detail.php/42215 over the sample period and that efficiency differentials among firms have steadily ... The English and Welsh water industry was privatized in 1989 and a new ... [PDF]Regulation and Efficiency Incentives: Evidence from the England and ... citeseerx.ist.psu.edu/viewdoc/download?doi=10.1.1.644.1978&rep=rep1... by F ERBETTA - Cited by 58 - Related articles efficiency for the England and Wales water and sewerage industry after privatisation. ... regulatory environment on both technical and allocative efficiency. Third ...
