In this paper, Dr Ben-David briefly reflects on the reasons why the Essential Services Commission considered it necessary to modernise the way it approves prices proposed by the State’s regulated water businesses. In developing a new framework, the Commission adopted four high level objectives concerning: Customers, Autonomy, Performance and Simplicity. Beyond these four objectives lie three central mechanisms that thread their way through the framework binding it into a comprehensive whole. These mechanisms are: Engagement, Incentives and Accountability. These mechanisms are not new to economic regulation but the framework imbues them with renewed vitality. Dr Ben-David outlines 12 key messages to the water businesses to assist in their application of the new framework.
- Who benefits from the energy machine?
- Submission to ACCC inquiry into retail electricity supply and pricing
- Annual Report 2015-16 Financial Statements
- Annual Report 2015-16 Summary
- Annual Report 2015-16
- Why I don’t lie awake at night thinking about microgrids
- The role of customers in Victoria’s new water pricing framework
- A new approach to regulatory pricing